A lawsuit was filed for investors in shares of Rice Energy Inc (NYSE:RICE) in connection with the proposed takeover and NYSE:RICE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 08/14/2017 -- The Shareholders Foundation announces that an investor, who currently holds shares of Rice Energy Inc (NYSE:RICE), filed a lawsuit against the takeover of Rice Energy Inc. by EQT Corporation for a value of approximately $27.04 per share.
Investors who purchased shares of Rice Energy Inc (NYSE:RICE) and currently hold any of those NYSE:RICE shares have certain options and should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE:RICE stockholders by agreeing to sell Rice Energy Inc. cheaply via an unfair process to EQT Corporation.
On June 19, 2017, EQT Corporation (NYSE:EQT) and Rice Energy Inc. (NYSE:RICE) announce that they have entered into an merger agreement under which EQT Corporartion will acquire all of the outstanding shares of Rice Energy Inc common stock for total consideration of approximately $6.7 billion – consisting of 0.37 shares of EQT common stock and $5.30 in cash per share of Rice Energy Inc common stock. The value of the transaction, based on EQT's closing stock price as of June 16, 2017, is approximately $27.04 per Rice Energy share.
However, plaintiff claims that the proposed consideration NYSE:RICE shareholders will receive with EQT Corporation offer is grossly inadequate and undervalues Rice Energy Inc. Indeed, at least one analyst has set the high target price for NYSE:RICE shares at $40.00 per share. Furthermore, Rice Energy Inc reported that its annual Total Revenue rose from $502.14 million in 2015 to $778.91 million in 2016. Shares of Rice Energy Inc (NYSE:RICE) reached in June 2014 as high as $33.05 per share In addition, the plaintiff alleges that the process is also unfair NYSE:RICE stockholders
On August 11, 2017, NYSE:RICE shares closed at $27.63 per share.
Those who are current investors in Rice Energy Inc shares have certain options and should contact the Shareholders Foundation.
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