Grey Wolf Announces the Termination of Its Merger Agreement with Basic and Its Review of Strategic Alternatives for Enhancing Shareholder Value
Grey Wolf, Inc. and Basic Energy Services, Inc. Agree to Combine in “Merger of Equals” Transaction
Parties:
> Grey Wolf is the fourth largest provider of contract land drilling services in the United States.(http://www.gwdrilling.com/)
> Founded in 1992, Basic Energy Services has grown to be the nation’s third largest well servicing rig contractor with more than 4,600 employees in 11 states. (http://www.basicenergyservices.com/)
Deal Information:
>Deal Terminated 7/15/08 - Shareholders of Grey Wolf Voted Down the Deal
Grey Wolf Announces the Termination of Its Merger Agreement with Basic and Its Review of Strategic Alternatives for Enhancing Shareholder Value (Read More)
Under the terms of the agreement, Grey Wolf shareholders will receive $1.82 in cash and 0.2500 shares of new Grey Wolf for each share of Grey Wolf they currently own.
Basic Energy Services shareholders will receive $6.70 in cash and 0.9195 shares of new Grey Wolf for each share of Basic Energy Services they currently own.
