A farcical energy deal has given rise to a new takeover tactic. Call it the George Costanza defense. Like the character from the “Seinfeld” sitcom, Energy Transfer Equity wants to redefine the terms of a soured relationship: its $21 billion takeover of rival pipeline operator the Williams Companies. Energy Transfer, based in Dallas, aims to pay less cash and seems intent on forcing the issue by making itself as unattractive as possible. The stakes are no laughing matter, though.

Energy Transfer spent a year trying to seduce Williams before its smaller rival finally agreed to a cash-and-shares offer last September. Then oil prices crashed, dragging down the stock of both companies and raising concerns about the debt Energy Transfer would have to incur to cover the $6 billion cash portion of the deal.