Precision to Reapproach Grey Wolf
In response to inquiries, Precision Drilling Trust clarified for its unitholders that it will immediately reapproach the board of directors of Grey Wolf, Inc. with its June 24, 2008 US$10.00 per share proposal if the merger agreement with Basic Energy Services, Inc. is terminated.
Precision will await the outcome of the vote of the Grey Wolf shareholders on July 15, 2008 with interest. As previously disclosed, Precision is strongly of the view that its proposal is fully priced and fair to the Grey Wolf shareholders and provides a superior alternative to a merger with Basic.
Precision continues to firmly believe that the combination of Grey Wolf and Precision represents a highly compelling long-term value creation strategy for both Precision and Grey Wolf securityholders. In the absence of a determination by the board of directors of Grey Wolf that Precision's proposal is reasonably likely to result in a superior proposal to Grey Wolf's shareholders as compared to the alternative offered by the proposed merger with Basic, Precision is unable to engage Grey Wolf in negotiations and discussions in relation to its proposal as Grey Wolf is precluded from doing so under the terms of its merger agreement with Basic.
- Grey Wolf's Canadian Production Up 14% (Feb 24)
- Precision Closes $172.5MM Public Offering (Feb 18)
- Precision Posts Financial Results, Suspends Monthly Cash Distributions (Feb 09)
Company: Basic Energy Services, Inc. more info
- Basic Energy Services Closes Exchange Offer (Nov 26)
- Basic Energy Services Commences Private Offer of $225MM of Senior Notes (Jul 06)
- Basic Energy Posts Operating Results, Well Servicing Rig Count for June (Jul 06)
Company: Precision Drilling Trust more info
- Precision Drilling Sees 30% Revenue Increase in 1Q (Apr 22)
- Precision Boosts Revenue 13% from Third Quarter '09 (Feb 12)
- Precision Drilling Trust to Convert to Corporation (Feb 12)