Precision Drilling, Canada's Biggest Driller, Gets Bigger With Grey Wolf Buy

摘要

Precision Drilling Trust announced Monday that it has reached a definitive agreement to acquire Calgary-based Grey Wolf Inc. for $2 billion after Grey Wolf's board of directors accepted Precision's third offer in recent weeks and inked a deal that will create one of the larger drilling companies in North America.rnUnder the agreement, Grey Wolf shareholders will get $5 in cash and 0.1883 in newly-issued Precision shares for each Grey Wolf share they own, for a total payout by Precision of $1.12 billion in cash and 42 million shares.