Hedge fund D.E. Shaw & Co LP urged EQT Corp. to split into two parts after it closes its $6.7 billion deal to buy Rice Energy Inc. closes and to speed up efforts to boost its stock price, according to Reuters.
The move is a rare activist stance taken by the $40 billion hedge fund and puts it next to activist fund Jana Partners, which is urging EQT not to go through with the Rice deal.
On Thursday, D.E. Shaw said the deal would be dilutive but seemed to accept the Rice acquisition, demanding that EQT quickly lay out plans to split itself into production and midstream units after it closes. It also said EQT should merge its midstream, or pipeline, business with Rice’s — a move not currently laid out in the terms of the acquisition.