Alpine Associates buys shares of Bronco Drilling ahead of merger with Allis-Chalmers

By Lisa Kerner

Charlotte, N.C., April 17 - Bronco Drilling Co., Inc. investors led by Alpine Associates, LP bought 830,600 shares of the company's stock between Feb. 21 and April 15.

The shares were priced from $15.75 to $16.67 each, it was reported in a schedule 13D filing with the Securities and Exchange Commission.

The investors beneficially own 1,485,300 shares, or 5.65%, of the company's stock.

On Jan. 24, Allis-Chalmers Energy Inc. 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.

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

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

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