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Article: Precision Drilling buys Grey Wolf for $2 billion
- Article from:
- Oakland Tribune
- Article date:
- August 25, 2008
- Author:
CopyrightCopyright 2008 Oakland Tribune. Provided by ProQuest LLC. (Hide copyright information)
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Energy
Precision gets Grey Wolf in $2 BILLION deal: Canada's Precision
Drilling will buy Grey Wolf in a cash and stock deal worth more than
$2 billion, the companies said Monday, apparently ending an extended
fight for control of the Houston gas driller. Grey Wolf shareholders
had earlier spurned a rival offer from Basic Energy Services Inc., a
wellsite services company in Texas, that would have created a $2.9
billion company. Under the new agreement, Precision will pay $1.12
billion in cash and 42 million shares valued at $896.7 million,
based on Friday's closing stock price. The new offer involves less
cash, but would give Grey Wolf shareholders a larger stake in the
new company through a ...