NEW YORK ( TheStreet) -- Shares of Southern Union (SUG) soared late Thursday after receiving an all-cash buyout proposal from Williams (WMB - Get Report) that values the natural gas pipeline company at $4.9 billion, or $39 a share.
Both the Williams' and Energy Transfer offers include the assumption of $3.7 billion of debt.
In a statement late Thursday, Southern Union said its board will "review the Williams' bid " in due course, consistent with fiduciary duties and in accordance with the terms and conditions of Southern Union's previously announced merger agreement with Energy Transfer."Shares of Southern Union rose to $39.20, up 14.8%, in after-hours trading on Thursday. -- Written by Joseph Woelfel
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