NEW YORK (Thomson Financial) - Grey Wolf Inc. Friday rejected a third
unsolicited buyout offer from Precision Drilling Trust, saying it wasn't in the
best interests of its shareholders.
The company said the Precision offer wasn't "reasonably likely" to result in
a superior proposal than its pending $2.9 billion merger with Basic Energy
Services. Grey Wolf affirmed its commitment to merge with Basic Energy in its
rejection of the Precision offer.
The third offer was made on June 25. Precision offered to buy Grey Wolf for
$10 a share, and said the offer would be its final one to Grey Wolf.
Shares of Grey Wolf closed Thursday at $9.17 while Precision shares closed
at $26.63 and Basic Energy shares ended the trading session at $30.42.
Ryan Vlastelica
rv/tk1
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