Allis-Chalmers, Bronco Drilling clear waiting period hurdle

By Lisa Kerner

Charlotte, N.C., March 11 - The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in the proposed merger of Allis-Chalmers Energy Inc. and Bronco Drilling Co., Inc.

On Jan. 24, Allis-Chalmers agreed to acquire Bronco Drilling in a cash and stock deal valued at $437.8 million, or $16.33 per share.

It was previously reported that the total merger consideration would consist of $280.0 million in cash and Allis-Chalmers common stock valued at $157.8 million.

The merger is expected to close in mid-2008.

Houston-based Allis-Chalmers provides services and equipment to oil and natural gas exploration and development companies.

Bronco Drilling, located in Edmond, Okla., provides contract land drilling and workover services to oil and gas exploration companies.

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