Last week, oil and gas servicer Precision Drilling Trust
But now Precision and Grey Wolf have officially entered hostile territory. Grey Wolf rejected the Canadian driller's advances via a public statement two days after the bid was publicly disclosed. We now know that Precision followed up with a second, higher offer over the weekend. I should probably say marginally higher -- the offer price was only hiked a bit more than 3%, though the cash/share mix was also tilted a bit.
While I appreciate Precision's reluctance to throw its shares around, this is no way to torpedo a tie-up. That incremental offer was rejected right quick. Precision is going to have to pony up if it wants to partner up.
Back when I covered Yamana Gold's
Over the next week or two, we'll learn just how committed Precision is to its speedy southerly expansion.