The most expensive U.S. shale acquisition of the year may be threatened by an investor’s concerns over one of the company’s midstream components.

Hedge fund Jana Partners LLC, one of the country’s leading producers of headaches for boards of directors, fired off letters to the board of EQT Corp. accusing management of overpaying in its $6.7 billion (with absorption of $1.5 billion of debt) offer for Northeast gas producer Rice Energy Inc.

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