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WSJ: Jana seeks to halt EQT’s $6.7B Rice Energy deal, takes 5% stake

Published 07/03/2017, 09:16 AM
© Reuters.  WSJ: Jana seeks to halt EQT’s $6.7B Rice Energy deal, takes 5% stake
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  • EQT Corp. (NYSE:EQT) +2.9% and Rice Energy (NYSE:RICE) -6.1% premarket following a WSJ report that Jana Partners has taken a ~5% stake in EQT and is making plans to scuttle EQT's proposed $6.7B takeover of Rice.
  • Jana, which questions the benefits of the deal and believes the price is too high, wants EQT to fully separate its pipeline operations instead of buying Rice, with the goal of making EQT a pure E&P company, according to the report.
  • EQT's pipelines, which are run by EQT Midstream Partners (NYSE:EQM) and EQT GP Holdings (NYSE:EQGP), already trade publicly.
  • The activist hedge fund had been buying the stock before EQT announced the deal two weeks ago and was said to be blindsided by the news.
  • Now read: Daily Insider Ratings Round Up 6/23/17: EQT, SANW, MCC, DDR, REV, OPK


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