Market Overview

Rice Energy To Be Acquired By EQT Corporation For $6.7 Billion

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Rice Energy Inc (NYSE: RICE) shares are trading higher by $5.26, or 26.71 percent, at $24.95 in Monday's session. Before the open, it was announced that EQT Corporation (NYSE: EQT) will acquire the company for $6.70 billion. That includes at $0.37 shares of common stocks along $5.30/share in cash. That is well below the all-time-high for the stock that was made in June 2014 at $34.34.

The Street is expressing its displeasure with the deal, at least in the short term. After a lower open, it had a brief rally to $56.15, before continuing it move lower. So far, the ensuing decline has taken the stock to $52.89, but has now rebounded back to the $54.00 area. The current marks the lowest level for the stock since it bottomed on June 6 at $52.67.

 

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