Grey Wolf (GW) Announces the Termination of Its Merger Agreement; Will Review Alternatives For Enhancing Shareholder Value
More News related to BAS
- Basic Energy Services to Present at the 2008 NYSE Euronext & WJB Capital Growth Conference
- Basic Energy Services to Present at the Bank of America 2008 Credit Conference
- Basic Energy Services Reports Selected Operating Data for October 2008
- Basic Energy Services to Present at the Bank of America 2008 Energy Conference
- Global Sources appoints Deputy CFO and announces June 2009 retirement for long-time CFO Eddie Heng
More News related to GW
- Precision Drilling Trust and Grey Wolf, Inc. Clarify Merger Agreement and Move Grey Wolf Special Meeting Date to December 23, 2008
- Precision Drilling Trust and Grey Wolf, Inc. Clarify Merger Agreement and Move Grey Wolf Special Meeting Date to December 23, 2008
- Precision Drilling Trust and Grey Wolf, Inc. Clarify Merger Agreement and Move Grey Wolf Special Meeting Date to December 23, 2008
- Garda Provides Market Update And Outlook on its Operations
- Garda Provides Market Update And Outlook on its Operations
More News related to Mergers and Acquisitions
- Sources Say 'Highly Unlikely' That Miller Buys Yahoo! (YHOO) -CNBC
- Former AOL CEO John Miller In Talks With PE Shops To Buy Yahoo (YHOO)
- Reports Total Is Preparing A Bid For NEXEN (NXY)
- Bucyrus (BUCY) Completes Acquisition of Bastro a.s.
- LHC Group (LHCG) Completes Acquisitions of Whispering Pines Health Services and HomeCall; Guides FY09 Sales, EPS
Grey Wolf (AMEX: GW) announced that its proposed merger with Basic Energy Services (NYSE: BAS) did not receive sufficient votes from Grey Wolf shareholders to approve the transaction at its special meeting of shareholders held today. As a result, Grey Wolf and Basic terminated their merger agreement.
In light of this development, the Board of Directors of Grey Wolf plans to review the Company's alternatives for enhancing shareholder value. This review will include an update to the Company's existing strategic plan and will encompass consideration of continued internal growth by remaining independent, acquisitions, mergers, sale of the Company, strategic alliances, joint ventures and financial alternatives.
The Board has engaged UBS Investment Bank as its independent financial advisor to assist the Company in conducting this review.
Grey Wolf will also take a pre-tax charge to earnings of approximately $17.0 million (or approximately $.05 per diluted share) during the third quarter of this year as a result of the shareholder vote and related termination of the merger agreement.
Sign up at EasyStockAlerts.com To Be Alerted To Your Stock News Today!
Related Categories
Corporate NewsMergers and Acquisitions
Stocks Mentioned
+1.05
-0.61Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
