|
CNBC'S MOST SHARED
- Unemployed? Bored? Make Money Playing Beer Pong
- Social Networking's 'Naked' Truth
- WPP's Sir Martin Sorrell on the Ad Recession
- The Highest Grossing (Inflation Adjusted) Movies of All Time
- Merrill's McCann Seen as UBS Wealth Frontrunner
- Geek Squad V. Gizmodo
- Warren Buffett's Top Three Investment Rules for the Average American
- Why You Should Watch Fund Flows
- Earnings 101: Beyond The Big Names
- Blog You!!!
- Stimulus Will Kick in Later this Year: President Obama
- Lender CIT Group Hires Premier Bankruptcy Adviser
- Government Selling Bank Stakes for Too Cheap: Panel
- Buffett's Top 3 Investment Rules for Average Americans
- Market Insider: Earnings Loom in the Week Ahead
- Bulls Get Summertime Blues, But It's Hot Fun for Bears
- As Banks Fail, Strong Institutions Become More Visible
- GM IPO in Second Quarter 2010 at the Earliest: CFO
- Merrill's McCann Seen as UBS Wealth Frontrunner
- Eric Schmidt on Government Scrutiny and Economic Recovery
- Market 360: The Week's Best & Worst
- Geek Squad V. Gizmodo
- Brandt: Google Chrome OS in the Post-PC Age
- Other People Are Weirder Than We Are
- Bank Failures: Is The Nightmare Over? (Video)
- California Here I Go? No.
- Roginsky: No More Mr. Nice Guy
- Commercial Conundrum
Text Size 
Contract oil driller Grey WolfThursday turned down Precision Drilling Trust's $1.6 billion unsolicited bid, opting to go forward with its acquisition of Basic Energy Services instead.
Grey Wolf [GW
Loading...
()
] said its board concluded that the Precision Drilling [PDS'I
Loading...
()
] bid would not be better for the company than its deal with Basic.
It said the merger agreement between Grey Wolf and Basic is still in effect.
Canada's Precision Drilling announced its $9 a share, cash and stock bid Tuesday, saying Grey Wolf's assets would help it build its business in the United States.
But Grey Wolf had already agreed to buy Basic Energy Services [PAS
Loading...
()
] in April, in a deal that would merge the two companies into a new entity still called Grey Wolf and majority-owned by Grey Wolf's shareholders.
That deal would combine Grey Wolf's land drilling rig fleet with Basic Energy's land-based well servicing equipment.
The companies have also said the combined company would have more financial flexibility and could return $600 million in cash to its shareholder base.
Shares of Grey Wolf were up 3 cents at $9.35 in early American Stock Exchange trading, while Basic Energy Services rose 89 cents, or 3.2 percent, to $28.99 on the New York Stock Exchange.
Precision Drilling Trust units fell 16 cents to C$27.40 on the Toronto Stock Exchange.
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes