While Williams claimed it was providing an 18% premium over the original bidding price, Energy Transfer returned the punch, highlighting the advantages of its MLP (master limited partnership) structure. (Read Energy Transfer Buys Southern Union: The Beauty Of Nat Gas MLPs).

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In our view, a leveraged recapitalization makes no sense and its only purpose would be to put substantial equity stakes into friendly hands to entrench management and transfer effective control without payment of a premium or even, it appears, a shareholder vote.

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And by not paying the Premier League experience premium, these teams made their money worth that much more in the transfer market.

WSJ: English Premier League