Third Avenue buys more shares of Bronco Drilling

By Lisa Kerner

Charlotte, N.C., March 7 - Investors led by Third Avenue Management LLC bought 324,000 additional shares of Bronco Drilling Co. between Feb. 11 and March 6 priced from $15.30 to $16.02 per share.

The transactions were reported in a schedule 13D/A filing with the Securities and Exchange Commission.

Third Point owns more than 5.8 million common shares, or 22.42%, of the company's outstanding stock.

On Jan. 25, Third Avenue said it was disappointed in the terms structure of Bronco Drilling's proposed acquisition by Allis-Chalmers Energy Inc.

Allis-Chalmers agreed to acquire Bronco Drilling in a cash and stock deal valued at $437.8 million, or $16.33 per share.

Total merger consideration will consist of $280.0 million in cash and Allis-Chalmers common stock valued at $157.8 million.

Houston-based Allis-Chalmers provides services and equipment to oil and natural gas exploration and development companies.

Bronco Drilling, located in Edmond, Okla., provides contract land drilling and workover services to oil and gas exploration companies.

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