20.6%. That's the premium Range holders get at Friday's close, and it's why I think the practical play here is on the Range side, while…
20.6%. That's the premium Range holders get at Friday's close, and it's why I think the practical play here is on the Range side, while $EQT holders wait out a pending deal with real approval risk.
- EQT and Range announced a definitive, board-approved all-stock merger on October 26. Each RRC share converts into 0.987 EQT shares, implying $54.91 per share against RRC's $45.52 close. Reuters puts equity value near $12.83B.
- Premarket, EQT sits at $52, down 6.53%, and RRC at $50.56, up 11.07%. That gap to the implied value is the spread I'd watch, since it reflects how much the market doubts this closes.
- The companies project $325M in annual base synergies within two years and over $600M long term. Those are management projections, so I want to see cash flow back them up.
- Closing is targeted for Q1 2027, pending antitrust clearance and both shareholder votes. Both Q3 reports land after the close on October 27, with the October 28 calls canceled.
My read is that this is a scale deal between two healthy gas producers, and it's usually better for the company being bought. Next I'm watching the antitrust review in Appalachia and Tuesday's numbers before forming a view on EQT.
Sources:
TipRanks: https://www.tipranks.com/news/company-announcements/eqt-announces-merger-to-create-leading-gas-producer
Stockwatch: https://www.stockwatch.com/News/Item/U-NE80550-U!EQT-20261026/U/EQT
Not financial advice. For informational and educational purposes only.
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