The asymmetric termination fees (EQT's $1.148B vs Range's $423M) signal EQT bears more regulatory risk. Monitor Hart-Scott-Rodino antitrust review timeline and any shareholder opposition that could trigger the seller breakup fee.
Price Chart
Executive Summary
This 425 filing contains a Pittsburgh Business Times article disclosing the termination fee structure in the EQT-Range Resources merger. EQT must pay Range a $1.148 billion reverse termination fee if the deal fails due to regulatory or certain other reasons, while Range would pay EQT a $423 million seller breakup fee. The article confirms the previously announced all-stock deal terms (0.987 EQT shares per Range share, $13 billion equity value, $50 billion enterprise value) and quotes EQT CEO Toby Rice expressing confidence in regulatory approval.
Key Financial Metrics
Key Facts
- EQT must pay Range a $1.148 billion reverse termination fee if the acquisition fails due to regulatory or certain other reasons.
- Range would pay EQT a $423 million seller breakup fee if it changes board recommendation, pursues competing proposals, or accepts a higher bid.
- The all-stock deal values Range at $13 billion equity value with a $50 billion enterprise value.
- Both companies need shareholder and antitrust approval by October 25, 2027, with automatic extension to April 25, 2028.
- EQT CEO Toby Rice stated he does not believe there will be any regulatory issues.
Financial Impact
EQT's reverse termination fee of $1.148 billion represents approximately 10.8% of RRC's $10.6B market cap; Range's seller breakup fee of $423 million represents approximately 4.0% of RRC's market cap.
Risk Factors
- Regulatory antitrust clearance under Hart-Scott-Rodino Act could trigger EQT's $1.148B reverse termination fee if denied.
- Shareholder approval from both companies required by October 25, 2027; failure extends to April 25, 2028.
- Range board could change recommendation or accept a higher bid, triggering the $423M seller breakup fee.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0001213900-26-112979 |
| Document: 0001213900-26-112979-index-headers.html | 0001213900-26-112979 |
| Document: 0001213900-26-112979-index.html | 0001213900-26-112979 |
| Document: 0001213900-26-112979.txt | 0001213900-26-112979 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 1d ago | 425 | $56.00 | awaiting T+60 | awaiting T+60 | $54.63 (−2.45%) |
Oct 30, 2026 2d ago | SC 13G | $53.75 | awaiting T+60 | awaiting T+60 | $54.63 (+1.64%) |
Oct 29, 2026 2d ago | 425 | $56.00 | awaiting T+60 | awaiting T+60 | $54.63 (−2.45%) |
Oct 28, 2026 3d ago | 425 | $53.89 | awaiting T+60 | awaiting T+60 | $54.63 (+1.37%) |
Oct 28, 2026 4d ago | 425 | $55.88 | awaiting T+60 | awaiting T+60 | $54.63 (−2.24%) |
Oct 28, 2026 4d ago | 8-K | No price | awaiting T+60 | awaiting T+60 | No price |
Oct 27, 2026 4d ago | 425 | $55.88 | awaiting T+60 | awaiting T+60 | $54.63 (−2.24%) |
Oct 27, 2026 4d ago | 425 | $55.88 | awaiting T+60 | awaiting T+60 | $54.63 (+2.24%) |
Oct 27, 2026 4d ago | 425 | $55.88 | awaiting T+60 | awaiting T+60 | $54.63 (−2.24%) |
Oct 27, 2026 4d ago | Press Release | $55.88 | awaiting T+60 | awaiting T+60 | $54.63 (−2.24%) |
US Market Status
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