Shareholders of independent producers EQT Corp. and Rice Energy on Thursday voted overwhelmingly for the $6.7 billion EQT takeover.
Of the total EQT shares cast, roughly 84% percent voted in favor of the proposal to issue stock for execution of the transaction, Kallanish Energy reports.
At Rice’s special meeting held yesterday, roughly 75% of the voting power of the outstanding shares of Rice stock voted and approximately 74% voted in favor of the merger.
“We appreciate the strong support from our shareholders and are pleased that they recognize the outstanding strategic and operational fit of the Rice acquisition,” said Steve Schlotterbeck, EQT’s president and CEO.
The EQT meeting did not include any representatives from Jana Partners, the New York-based hedge fund that had opposed the EQT/Rice Energy deal.
Jana Partners last week withdrew an alternate proxy that challenged EQT’s. Jana in a Securities and Exchange Commission filing indicated it was still going to vote against the acquisition.
EQT expects the transaction to close on Nov. 13.