Grey Wolf Inc. (GW) is dropping during pre-market trading following news that it has agreed to be acquired by Canadian drilling company Precision Drilling Trust (PDS) for less than the stock is currently trading at.
At 8:56 am ET the stock is trading at $8.50 down $0.09 from Friday's close.
With the decline, the stock stands to open having reversed recent gains.
Under the terms of the agreement, Grey Wolf shareholders will receive $5.00 in cash and 0.1883 newly-issued Precision trust units for each Grey Wolf common share, for aggregate consideration of $1.12 billion in cash and 42.0 million Units.
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