8 minutes ago NEW YORK (Reuters) - Canada's Precision Drilling Trust (PD_u.TO) will buy U.S. driller Grey Wolf Inc (GW.A) for US$2 billion in cash and stock, creating one of the largest North American oil and gas rig operators, the companies said on Monday.Precision Drilling, Canada's largest oil and gas driller, will pay US$5 in cash and 0.1883 newly issued Precision trust units for each Grey Wolf common share.
That values each Grey Wolf share at $9.02, a 5 percent premium to Friday's closing price but lower than the $10 per share that was discussed earlier.
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