In a surprising last minute move, Jana Partners, the New York hedgefund that has been a thorn in the side of EQT Corp. for months, is backing down. Kind of.
Jana mounted a vigorous campaign against EQT’s proposed $6.7 billion acquisition of fellow oil and gas driller Rice Energy Inc., saying it’s not in the best interest of shareholders and claiming that EQT’s management had warped incentives to push the deal through.
On Friday, Jana announced that while it “still intends to vote against the acquisition (it) has decided to withdraw its proxy materials filed in opposition to the Rice acquisition and to cease soliciting any proxies in connection with the upcoming special meeting of EQT shareholders.”
A shareholder vote is scheduled for Nov. 9.
Anya Litvak: alitvak@post-gazette.com or 412-263-1455
First Published: November 3, 2017, 9:25 p.m.
