Would Williams Partners Benefit by Accepting Energy Transfer's Takeover Bid?

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From Reuters:
Energy Transfer Equity's unsolicited $48 billion offer for Williams Companies Inc through a corporate structure with tax advantages may be the U.S. pipeline company's best option as potential bids from rivals are complicated by possible antitrust issues and the deal's rich price, investors and analysts said on Monday. 
Energy's proposed all-equity offer of $64 per share for Williams was rejected by Williams' board who said in a statement on Sunday that it significantly undervalued the company which controls a master limited partnership, or MLP. 
Deals in the energy sector, especially oil and gas pipeline and processing companies, are turning to a more traditional corporate structure as MLP advantages wane over time. Energy Transfer would be the latest MLP to propose using a c-corporation as a way to maximize tax advantages, increase cash flows and broaden institutional interest. 
The sector embraces the MLP structure because the tax burden is passed through to investors who receive fat yields. Because the partnership pays no taxes, it has a lower cost of capital.

Kinder Morgan Inc last year put all of its publicly traded partnerships into one corporate parent to quell concerns that it had grown too large and complicated.
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