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Activists Take Control of EQT Board in Proxy Fight

  • Rice brothers expected to win seven of 12 seats on board
  • New board poised to name Toby Rice as CEO of gas producer
Marcellus Goliath Transforms Towns to Gas Trade

Photographer: Ty Wright/Bloomberg

Updated on

Activist investors have won control of the board at EQT Corp., bringing to an end a nine-month battle for the largest U.S. natural gas producer.

Brothers Toby and Derek Rice, who sold their company to EQT about two years ago and together own 3% of the shares, have won seven seats on the 12-member board, based on preliminary tallies. The new board will meet later Wednesday and is expected to name Toby Rice as chief executive officer. All twelve elected directors won more than 80% of the votes cast.