Update: Rice Brothers Win Control of EQT
They did it. They held the meeting.
It was a classy move by the EQT board to actually count the votes and to not tell the shareholders to drop dead the night before the meeting. I guess they still technically have time to do so.
Enough votes have been cast for the Rice brothers to defeat EQT’s slate of directors and take over the board in what has become the most prominent fight for control of a board since Starboard Value waged and won its proxy contest at Darden Restaurants Inc in 2014, the sources said.
Two sources said that the pair is expected to have won seven seats on the 12-member board.
Investors can vote until EQT’s annual meeting begins in Pittsburgh at 8 a.m. on Wednesday. But with big investors ranging from T.Rowe Price to the California Teachers Retirement System pension fund having already thrown their support to the brothers, sources say their win is all but assured.