Rice-EQT Merger Assumed to Be Pending; FVE Unchanged
Rice Energy's merger with EQT is still considered pending despite concern from activists. Jana Partners, which holds 5% of EQT, is campaigning against the takeover of Rice and instead wants EQT to separate its midstream holdings. D.E. Shaw, which holds 4% of EQT, also wants a breakup but only after the Rice deal closes. We have widened our fair value uncertainty rating to medium to reflect the contest from Jana, but our fair value estimate still assumes the deal will be consummated as planned (t...
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