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EQT

EQT Corporation

, RICE

Rice Energy

09:31
07/31/17
07/31
09:31
07/31/17
09:31

Jana to continue opposing EQT's proposed acquisition of Rice Energy

Jana Partners disclosed a letter sent today to EQT Corporation, which stated in part, "As we stated after EQT's proposed acquisition of Rice Energy was announced, we believe that this acquisition if approved would result in EQT paying away more than the value of the transaction synergies claimed at the time of the announcement to Rice shareholders and issuing shares which EQT management itself acknowledges are undervalued, thus substantially diluting the value of an eventual separation to current EQT shareholders by transferring much of their upside potential to Rice shareholders. Rather than explaining to EQT shareholders why they should support this transaction despite the massive value transfer to Rice shareholders it would entail, EQT management last week instead conjured up dubious additional synergies worth up to three times the amount of the Original Synergies, or as management conceded, potentially worth nothing at all. At the same time, upon further analysis with our industry partners, we are even more concerned that even the Original Synergies have been vastly overstated and in many cases hardly qualify as synergies because their value could be captured simply by owning shares of EQT and Rice separately without causing massive dilution to EQT shareholders. In short, management's transparent attempt to manufacture new synergies (without being held accountable for delivering a penny of them), together with our increasing doubts about the Original Synergies, have only solidified our opposition to EQT's plans in their current form...Therefore, we intend to continue to oppose this transaction. We also continue to believe that it may be necessary to add new Board members who will do a better job of safeguarding shareholder interests, and thus we are prepared if necessary to nominate highly-qualified and independent nominees who have each made substantial personal investments in EQT's stock. Should you wish to discuss this matter further, we can be reached at (212) 455-0900."

EQT

EQT Corporation

RICE

Rice Energy

  • 03

    Aug

  • 07

    Aug

  • 14

    Nov

EQT EQT Corporation

07/14/17
HOWW
07/14/17
UPGRADE
HOWW
Outperform
EQT Corporation upgraded to Outperform at Scotia Howard Weil
07/12/17
JEFF
07/12/17
DOWNGRADE
Target $26
JEFF
Hold
Rice Energy downgraded to Hold from Buy at Jefferies
Jefferies analyst Zach Parham downgraded Rice Energy (RICE) to Hold on expectations the acquisition by EQT Corporation (EQT) will be completed. The analyst keeps a $26 price target for the shares.
07/05/17
RBCM
07/05/17
DOWNGRADE
RBCM
Sector Perform
EQT Corporation downgraded at RBC Capital
As noted earlier, RBC Capital downgraded EQT Corporation (EQT) to Sector Perform from Outperform. Analyst Scott Hanold expects the company's acquisition of Rice Energy (RICE) to close and predicts that EQT's stock will perform "more in-line over the next year." Target to $80 from $86.
07/05/17
RBCM
07/05/17
DOWNGRADE
RBCM
Sector Perform
EQT Corporation downgraded to Sector Perform from Outperform at RBC Capital
RICE Rice Energy

07/10/17
MZHO
07/10/17
DOWNGRADE
MZHO
Neutral
Rice Energy downgraded to Neutral from Buy at Mizuho
07/03/17
WILL
07/03/17
DOWNGRADE
Target $27
WILL
Hold
Rice Energy downgraded to Hold from Buy at Williams Capital
Williams Capital analyst Gabriele Sorbara downgraded Rice Energy (RICE) to Hold with a $27 price target. The company on June 19 reached an agreement to be acquired by EQT Corporation (EQT) to $6.7B.

TODAY'S FREE FLY STORIES

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LOW

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GE

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VLKAY

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F

Ford

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HPQ

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MATX

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TCMD

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TCMD

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CIVI

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LLL

L3 Technologies

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BA

Boeing

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RTN

Raytheon

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LMT

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HPQ

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