Here's a timeline that shows how the deal started to sour, with coverage from the Dallas Business Journal along the way: July 8, 2015 — Following Energy Transfer's unsolicited offer a month earlier, the Dallas company affirms its commitment to acquiring Williams in a deal that was then valued at $53 billion. As oil prices dropped in coming months, that number kept getting lower. September 28, 2015 — The merger is announced with a $37.7 billion price tag and Energy Transfer acquired Williams' shares at $43.50 a share. The combination created the third biggest energy franchise in North America and one of the five largest energy companies in the world. Williams Partners L.P. (NYSE: WPZ) also announced it was terminating its merger agreement with the Williams Companies. The Williams Companies announced agreed to pay a termination fee of $428 million to the Williams Partners.