Williams Cos., a pipeline operator, said it received an unsolicited takeover bid of $64 a share and will explore its strategic options, including a possible sale.
The board determined the bid “undervalues Williams,” The company said in a statement Sunday. The directors have ordered a review that may include a merger, sale or a continuation of its current operating and growth strategy.
Williams in May agreed to buy the 40 percent of Williams Partners LP it doesn’t already own for $13.8 billion, simplifying its corporate structure in a bid to reduce taxes, increase payouts and accumulate cash for expansion.
Williams first sold units of Williams Partners to the public in 2005. The partnership transports and processes natural gas.