HSR wait ends early in proposed merger of Precision Drilling, Grey Wolf

By Lisa Kerner

Charlotte, N.C., Sept. 29 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Precision Drilling Trust and Grey Wolf, Inc., according to a government report.

In August, Precision Drilling agreed to acquire Grey Wolf in a deal that will give Grey Wolf shareholders $5 per share in cash plus 0.1883 newly issued Precision trust units.

Precision expects to pay a maximum of $1.12 billion with the maximum number of units expected to be 42 million. The maximums take into account the conversion of Grey Wolf's convertible debt securities and stock options, totaling approximately 223 million fully diluted Grey Wolf shares, it was reported previously.

Precision Drilling is a Calgary, Alta., oil and gas drilling and exploration company.

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

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