Finance & Investing | Top Story | Legal / Lawsuit | Capital Markets
Rice Brothers Drop Lawsuit Against EQT
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After filing a lawsuit against EQT Corp. on April 25th, Rice Energy founders Toby Z. Rice and Derek A. Rice dropped the suit after being informed by EQT that it has removed its requirement that the Rice Team's board nominees consent to being named in EQT's proxy materials.
This is the latest development in a proxy battle between the Rice brothers and EQT that has spanned recent months.
EQT has also informed the Rice Team that it has approved the Rice Team's nominees for purposes of the change of control provisions in the credit agreement, thereby eliminating the risk that EQT's lenders would be able to declare a default in the event that the Rice Team's nominees are elected.
The Rice brothers commented: "While we are pleased that EQT has conceded that it must withdraw its unreasonable requirements, we are deeply disappointed that we had to file a lawsuit to ensure the integrity of the upcoming contested election of directors at EQT's 2019 Annual Meeting. We had tried to clarify these issues with EQT on multiple occasions over the course of almost three months, but it was only after we filed our lawsuit that we received any response from EQT."
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