Grey Wolf, Inc. (GW)

[OptionMonster]

Grey Wolf to review unsolicited, $9-a-share bid from Precision Drilling Trust

BOSTON (Thomson Financial) - Grey Wolf Inc. Tuesday said it received an unsolicited proposal in a letter from the board of Precision Drilling Trust, offering to acquire all of Grey Wolf's common stock for $9 per share.

Grey Wolf's board said it intends to evaluate the Trust's proposal consistent with its fiduciary duties and Grey Wolf's obligations with respect to unsolicited third party offers under the merger agreement with Basic Energy Services Inc. and Horsepower Holdings Inc., which remains in effect.

Shares of Grey Wolf, a Houston-based provider of land drilling services, soared 8.9% to $9.01 in afternoon trading.