Finance / United States
Grey Wolf Rejects Takeover Bid By Precision Drilling
June 2008 | Top StoriesUS oil and gas driller Grey Wolf Inc, a leading provider to the oil and natural gas industry, has decided to move ahead with its planned acquisition of Basic Energy Services Inc. In so doing it has rejected a US$1.6bn unsolicited takeover bid by Precision Drilling Trust. Grey Wolf's board said that after considering both deals it believed the Precision bid would not offer the same value to the company and to shareholders as the already agreed merger with Basic Energy.
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