Grey Wolf, Inc. says that on June 8, 2008, it received a letter from the board of trustees of Precision Drilling Trust , making an unsolicited proposal to acquire Grey Wolf.
Grey Wolf understands that the Trust is an unincorporated open-ended investment trust established under the laws of the Province of Alberta, Canada and that its Trust units are traded on the Toronto Stock Exchange under the symbol "PD.UN" and on the New York Stock Exchange under the symbol "PDS."
The Trust's letter states that it proposes to acquire all of the common stock of Grey Wolf for total consideration of USD $9.00 per share on a fully diluted basis, consisting of cash and Trust units at the election of Grey Wolf stockholders, subject to proration so that the cash portion does not exceed 33-1/3% of the equity purchase price.
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Precision Drilling Trust
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