Precision Drilling Trust and Grey Wolf, Inc. announced that their Board of Trustees and Board of Directors, respectively, unanimously approved a definitive merger agreement pursuant to which Precision will acquire Grey Wolf.
The combination of Precision and Grey Wolf will have land drilling operations in virtually every conventional and unconventional oil and gas basin in [...]

Precision Drilling Trust’s released a report that its cash distribution has been approved by the board of trustees of $0.13 per trust unit of Precision. The distribution will be payable on August 15, 2008 to unitholders of record on July 31, 2008. The ex-distribution date is July 29, 2008. Holders of Class B limited partnership [...]

In response to inquiries, Precision Drilling Trust (”Precision”) clarified today for its unitholders that it will immediately re-approach the board of directors of Grey Wolf, Inc. (”Grey Wolf”) with its June 24, 2008 US$10.00 per share proposal if the merger agreement with Basic Energy Services, Inc. (”Basic”) is terminated.
Precision will await the outcome of [...]

Grey Wolf Inc., which drills oil and gas wells, rejected a third unsolicited takeover bid from Precision Drilling Trust, reaffirming its commitment to a previous agreement with Basic Energy Services Inc.
Grey Wolf said the Precision proposal undervalues the company and does not represent a significant premium to shareholders.
Grey Wolf also did not Precision refusal to [...]

Drilling company Grey Wolf Inc. has turned down Precision Drilling Trust’s third unsolicited buyout offer.
In its third proposal, received June 24, Calgary-based Precision proposed to acquire all Houston-based Grey Wolf’s stock for $10 a share. The proposal contained a statement saying it was the company’s final offer for Grey Wolf .
The board of directors [...]