Grey Wolf rejects Precision Drillings 3rd offer

Grey Wolf rejects Precision Drillings 3rd offer

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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