Glass Lewis Recommends Bronco Stockholders Approve Merger with Allis Chalmersadmin
Saturday, August 2nd 2008
Bronco Drilling Company, Inc., announced that Glass Lewis & Co., a leading proxy advisory firm, has recommended that Bronco stockholders vote FOR the merger with Allis-Chalmers Energy Inc. (NYSE: ALY) (“Allis-Chalmers”) at Bronco’s Special Meeting of Stockholders scheduled for August 14, 2008. In making its recommendation, Glass Lewis stated in its August 1, 2008 report, among other things, the following1:
“The merger is expected to create a diversified international oilfield service provider, as well as generate substantial synergies. In addition, our contribution analysis suggests that the financial terms of the agreement are fair for the Company and its shareholders.”
The report concluded, “…we believe the proposed transaction is in the best interests of shareholders.”
The Board of Directors of Bronco unanimously recommends that stockholders vote “FOR” the adoption of the Agreement and Plan of Merger.
Stockholders who have questions about the proposed merger or need assistance in submitting their proxy or voting of shares should contact Bronco’s proxy solicitor — Georgeson Inc., 199 Water Street, 26th Floor, New York, NY 10038, or by calling 212-440-9800 (for banks, brokers and other nominees) or toll-free 1-877-668-1647 (for Bronco stockholders).
Bronco Drilling Company, Inc. is a publicly held company headquartered in Edmond, Oklahoma, and is a provider of contract land drilling and workover services to oil and natural gas exploration and production companies. Bronco’s common stock is quoted on The NASDAQ Global Market under the symbol “BRNC”. For more information about Bronco, visit http://www.broncodrill.com.