Precision Drilling prorates per-share cash payment in Grey Wolf acquisition

By Lisa Kerner

Charlotte, N.C., Dec. 31 - Precision Drilling Trust said cash merger consideration elections in its recent acquisition of Grey Wolf, Inc. "substantially" exceeded the amount of cash available for cash elections.

As a result, Grey Wolf shareholders who elected to receive all-cash merger consideration will receive a prorated amount of cash totaling $5.39 plus 0.1700 Precision Drilling trust units for each share of Grey Wolf common stock.

Grey Wolf shareholders electing to receive Precision Drilling trust units or who did not make a valid election will receive 0.4225 Precision Drilling trust units for each share of Grey Wolf common stock, Precision Drilling said.

It was previously reported that Grey Wolf shareholders could elect to receive $9.02 in cash or 0.4225 Precision Drilling trust units per Grey Wolf share.

Precision Drilling, a Calgary, Alta., oil and gas drilling and exploration company, said previously it will pay a maximum of about $1.12 billion in cash and roughly 42 million Precision Drilling trust units.

Houston-based Grey Wolf is the fourth-largest provider of contract land-drilling services in the United States.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.