Grey Wolf shareholders to elect merger consideration by Friday

By Lisa Kerner

Charlotte, N.C., Dec. 16 - Grey Wolf, Inc. shareholders have until 4 p.m. ET on Dec. 19 to select their merger consideration in connection with the company's acquisition by Precision Drilling Trust.

Shareholders may elect to receive $9.02 in cash or 0.4225 Precision trust units per Grey Wolf share, subject to proration, a Precision Drilling news release said.

Precision Drilling, a Calgary, Alta., oil and gas drilling and exploration company, will pay a maximum of about $1.12 billion in cash and roughly 42 million Precision Drilling trust units, it was previously reported.

The merger is expected to close following the special meeting of Grey Wolf shareholders on Dec. 23, according to Precision Drilling.

Computershare Trust Co., NA is the exchange agent. The information agent is Georgeson Inc. (800 561-3540)

Houston-based Grey Wolf is the fourth-largest provider of contract land-drilling services in the United States.

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