Precision Drilling Trust Confirms Revised Offer for Grey Wolf, Inc.
17 Giugno 2008 - 5:51PM
Marketwired
CALGARY, ALBERTA confirmed today that on June 14, 2008, it
provided Grey Wolf, Inc. ("Grey Wolf") with a revised offer for a
business combination between Grey Wolf and Precision. The proposal
provides for Precision to acquire all of the common shares of Grey
Wolf for US$9.30 per share (on a fully diluted basis), comprised of
cash and trust units of Precision at the election of Grey Wolf
shareholders, subject to proration such that the cash portion does
not exceed 40% of the aggregate acquisition price. The US$9.30 per
share amount implies a multiple of 7.6 x times consensus 2008
estimated cash flow per share and represents a 24% premium to the
average closing price over the thirty trading days prior to June 8,
2008, the date Precision's initial proposal was provided to Grey
Wolf. Precision's revised offer price is approximately US$1.00
higher than, and a 12.3% premium to, Grey Wolf's closing price of
US$8.28 on June 9, 2008, the day before Precision's interest in
Grey Wolf became public.
Precision believes that its proposed business combination
provides Grey Wolf's shareholders with an alternative that is
superior to that offered by Grey Wolf's proposed merger with Basic
Energy Services, Inc. Precision is disappointed that Grey Wolf has
determined not to engage in discussions on its proposal.
Precision's previously disclosed growth strategy includes
expansion of its service offerings to the United States by
leveraging its competitive strengths and its reputation for high
performance, high value onshore drilling services for oil and
natural gas exploration and development. Precision believes a
business combination with Grey Wolf fits this strategy and
accelerates its organic new rig construction program. Precision
believes that the combined companies would have much greater scale
and a stronger financial position allowing them to substantially
advance their mutual business objectives in the contract drilling
business. Precision expects to maintain Grey Wolf's principal
offices and facilities and to offer attractive opportunities for
Grey Wolf's people to have continued roles in the combined
entity.
Precision is a leading provider of safe, high performance energy
services to the North American oil and gas industry. Precision
provides customers with access to an extensive fleet of contract
drilling rigs, service rigs, camps, snubbing units, wastewater
treatment units and rental equipment backed by a comprehensive mix
of technical support services and skilled, experienced
personnel.
Precision Drilling Trust is listed on the Toronto Stock Exchange
under the trading symbol "PD.UN" and on the New York Stock Exchange
under the trading symbol "PDS".
This press release contains statements that may constitute
"forward-looking information" or "forward-looking statements"
(collectively, "forward-looking information") within the meaning of
applicable securities legislation. This forward-looking information
includes, among others, statements regarding business strategy,
plans and other expectations, beliefs, goals, objectives,
information and statements about possible future events, including
Precision's proposed business combination with Grey Wolf. Readers
are cautioned not to place undue reliance on such forward-looking
information. Forward-looking information is based on current
expectations, estimates and assumptions that involve a number of
risks, which could cause actual results to vary and in some
instances to differ materially from those anticipated by Precision
and described in the forward-looking information contained in this
press release. There can be no assurance that discussions will be
initiated, or that any agreement will be reached, between Precision
and Grey Wolf.
Contacts: Kevin Neveu, Chief Executive Officer of Precision
Drilling Corporation, Administrator of the Trust (403) 716-4500
(403) 264-0251 (FAX) Doug Strong, Chief Financial Officer of
Precision Drilling Corporation, Administrator of the Trust (403)
716-4500 (403) 264-0251 (FAX) Precision Drilling Trust 4200, 150 -
6th Avenue S.W. Calgary, Alberta T2P 3Y7 Website:
www.precisiondrilling.com
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