Alpine Associates sells 414,300 shares of Bronco Drilling, keeps 3.9% stake

By Lisa Kerner

Charlotte, N.C., Sept. 19 - Bronco Drilling Co., Inc. investors led by Alpine Associates, LP sold 414,300 shares of the company's stock between July 22 and Sept. 18.

The shares were priced from $11.38 to $17.50 each, it was reported in a schedule 13D filing with the Securities and Exchange Commission.

The investors beneficially own 1,123,900 shares, or 3.9%, of the company's stock.

On Jan. 24, 2008, 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.

In August, the companies mutually terminated the agreement, believing it was unlikely that the agreement would be adopted by the required number of Bronco Drilling stockholders, and Bronco Drilling agreed to pay Allis-Chalmers $4.5 million, it was previously reported.

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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