How to Benefit From the Flock

About a week ago, I looked at the pending merger, or potential lack of a deal, by Energy Transfer Partners (ETE) for natural gas-focused William’s (WMB ). While it remains to be seen if the buyout actually happens (there’s a ton of moving parts), a question arose about holding companies: is it better to snag up shares of the subsidiaries or buy the holding company to “benefit from their flock?”