Jana Partners LLC just isn't a fan of Big Gas. In a frosty letter delivered to EQT Corp. on Wednesday, the activist investor heaped scorn on the company's recently announced deal to acquire fellow natural gas producer Rice Energy Inc.:While EQT would indeed become the country’s largest natural gas producer, there is no unique value that accurues [sic] to shareholders generated simply by being the biggest.
Now Jana, which has taken a 5.8 percent stake in EQT, plans to mount a campaign to scuttle the $8.2 billion cash-and-stock deal. Rice's discount to the implied offer has duly widened this week (news of Jana's stake surfaced on Monday):Click here to read more.
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