Fred Russell, CEO of Fredric E. Russell Investment Management Co., said at the time of the announcement that the offering was part of a complicated plan to help raise money for the merger.

“This is an offering for an exclusive group of sophisticated, affluent investors who are probably very close to Kelcy Warren and are impressed by his leadership and achievements and believe his success and acumen will continue,” Russell said in March.

In a statement Wednesday, the Williams Cos. board of directors said that it has not changed its recommendation in favor of the merger agreement the Tulsa-based pipeline company made with ETE on Sept. 28.

According to the statement, integration planning to combine the companies is underway.

Pending Williams’ shareholder approval as well as some other closing conditions, the merger is expected to be completed by the end of June.