NEW YORK (TheStreet) -- Shares of Williams Partners (WPZ) were sinking, down 6.61% to $49.63 on heavy volume in early market trading Monday, as natural gas pipeline maker Williams Companies (WMB) considers a takeover offer.
Williams Partners is in the midst of getting acquired by Williams Cos., but Williams Cos. received an unsolicited $48 billion takeover offer from Energy Transfer Equity (ETE) on Sunday, according to Reuters.
For Williams Cos. to accept its takeover offer from an unnamed company, it must drop its acquisition deal of Williams Partners.
Williams Cos. said it has rejected the buyout bid, but is open to other offers, CNBC reports.
About 3.89 million shares of Williams Partners have changed hands as of 10:32 a.m. ET today, compared to its average trading volume of about 3.66 million shares a day.
Tulsa-based Williams Partners, formerly Access Midstream Partners, owns, operates, develops and acquires natural gas, natural gas liquids and oil gathering systems.
The company's operations are driven by the volumes of natural gas and NGLs that it gather, treat, compress and process across its gathering systems and processing facilities.