According to the terms of the transaction, shareholders of TMBR/Sharp Drilling will receive 0.312166 of a share of Patterson-UTI common stock and $9.09 cash for each share of TMBR/Sharp Drilling common stock for a total value of $20.2905 per share based on the closing price on February 11, 2004, of $35.88 for a share of Patterson-UTI.
Mark S. Siegel, Chairman of Patterson-UTI, stated, "We are gratified that TMBR/Sharp's shareholders have approved this transaction and are pleased to welcome them as new Patterson-UTI shareholders. We are looking forward to working with Tom Brown and his team as we build upon the solid foundation for success that they have established."
Thomas C. Brown, Chairman of TMBR/Sharp Drilling, stated, "Yesterday's shareholder vote concludes a chapter in our company's history, but it also represents the beginning of what I am confident will be a very positive relationship that will benefit our customers, employees and our former shareholders."
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