Grey Wolf rejects Precision Drillings 3rd offeradmin
Drilling company Grey Wolf Inc. has turned down Precision Drilling Trust’s third unsolicited buyout offer.
In its third proposal, received June 24, Calgary-based Precision proposed to acquire all Houston-based Grey Wolf’s stock for $10 a share. The proposal contained a statement saying it was the company’s final offer for Grey Wolf .
The board of directors of Grey Wolf said the latest offer undervalues the company and is unlikely to represent any improvement over its pending strategic merger with Midland-based Basic Energy Services Inc., which remains in effect.
Precision made two previous unsuccessful bids for Grey Wolf of $9 a share on June 8 and $9.30 a share on June 14. Source
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