EQT Proxy Battle Heats Up as Largest Shareholder Joins Rices
- T. Rowe Price is latest to join dissident group in proxy fight
- Rice brothers have support of at least a fifth of shareholders
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The dissident group of investors seeking to overhaul the top management and board of EQT Corp. won support from the U.S. natural gas producer’s largest shareholder, boosting its position ahead of the company’s annual meeting next week.
T. Rowe Price Group Inc., which holds a stake of about 10% stake in the largest American gas producer, said on Monday that it will vote to elect the slate of director nominees put forward by the Rice Group. That support comes just four days after Kensico Capital Management Corp., another large shareholder, backed the group led by brothers Toby and Derek Rice.