GW(greywolf) announced that they have recieved a third unsolicited offer from PDS for $10/ share. I'm surprised there is no movement in the stock price of GW- unchanged at $9.38.
NEW YORK, June 25 (Reuters) - Grey Wolf Inc (GW.A: Quote, Profile, Research, Stock Buzz) said on Wednesday that Precision Drilling Trust (PD_u.TO: Quote, Profile, Research, Stock Buzz) had raised its offer for the company by 70 cents per share to $10 in its third unsolicited move to buy the contract oil driller.
The offer raises the total value of the takeover bid to $1.78 billion for Grey Wolf, which rejected a sweetened offer of $1.66 billion last week, saying it planned to go ahead with a planned merger with Basic Energy Services Inc (BAS.N: Quote, Profile, Research, Stock Buzz).
Precision said Wednesday's offer was its final proposal, according to Grey Wolf. Precision, Canada's largest driller, had already raised its offer once to $9.30 per share from its original $9.00 price.
Precision also said the cash portion of the deal could rise to as much as 50 percent of the offer price, an increase from 40 percent in its pervious offer.
Grey Wolf agreed to buy Basic Energy in April in a bid to combine its land drilling rig fleet with Basic's land-based well-servicing equipment.
AI
