Allis-Chalmers, Bronco Drilling set record date for special meetings

By Lisa Kerner

Charlotte, N.C., June 26 - Allis-Chalmers Energy Inc. and Bronco Drilling Co., Inc. set June 30 as the record date for their respective special meetings of shareholders, it was announced on Thursday.

Shareholders will vote on the merger of the two companies at the special meetings on dates yet to be determined.

Under the June 2 amended merger agreement, Bronco Drilling stockholders will receive total consideration comprised of $200.0 million in cash and 16,846,500 shares of Allis-Chalmers common stock, or $18.25 per share, an Allis-Chalmers news release said.

On Jan. 24, Allis-Chalmers originally agreed to acquire Bronco Drilling in a cash and stock deal valued at $437.8 million, or $16.33 per share, consisting of $280.0 million in cash and Allis-Chalmers common stock valued at $157.8 million.

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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