Actionable news
All posts from Actionable news
Actionable news in EQT: EQT CORP,

EQT Corporation (EQT): Activist JANA Slams Proposed Rice Energy Inc (RICE) Purchase

Barry Rosenstein‘s JANA Partners is fuming after EQT Corporation (NYSE:EQT) announced it would purchase Rice Energy Inc (NYSE:RICE) for $6.7 billion in the middle of June. The activist hedge fund revealed a 10 million-share, 5.8% stake in EQT on Monday, which it began amassing in April in bullish anticipation of the company’s plans to separate its pipeline operations from its E&P operations.

Instead, EQT Corporation (NYSE:EQT) shocked JANA and many other investors when it announced on June 19 that it would pay a hefty premium for Rice Energy Inc (NYSE:RICE) in a deal that would make it the largest natural gas producer in the U.S, while simultaneously delaying its separation plans. Investors reacted negatively, sending shares down by 14% over the following three days, though they’ve since recovered those losses.

JANA filed another 13D yesterday, which included a letter it sent to the company’s board (which unanimously approved the deal) on the same day, in which it ripped the company’s plans, which it said it was “astounded” by.

At Insider Monkey, we track insider trading...