Williams Appeals Blue Racer IPO Case in Delaware, Despite Win

Williams Cos. said Nov. 21 it will ask Delaware’s top court to go even further than the Chancery Court judge who effectively blocked a private equity group’s plans to take Blue Racer Midstream LLC public.

Vice Chancellor J. Travis Laster held in September that although EnCap Flatrock Midstream can unilaterally decide to approve an initial public offering, it must adhere to other relevant restrictions when structuring or implementing the deal.

Those restrictions give Williams, an Oklahoma energy company, a veto over key parts of the proposed “up-C” IPO, which it opposes, the judge said.

The lawsuit is the latest front ...