Allis-Chalmers Energy and Bronco Drilling Terminate Merger Agreement
Posted on: Monday, 11 August 2008, 09:01 CDT
Allis-Chalmers Energy and Bronco Drilling Company, a provider of contract land drilling and workover services to oil and natural gas companies, have terminated their agreement and plan of merger relating to the proposed acquisition of Bronco by Allis-Chalmers.
Allis-Chalmers and Bronco have agreed to terminate the merger agreement in light of clear indications that Bronco stockholders would not adopt the merger agreement, the companies said.
Micki Hidayatallah, chairman and CEO of Allis-Chalmers, said: "The management and board of directors of Allis-Chalmers strongly believed in the benefit of a combination with Bronco. The consolidated entity would have been a diversified international provider of oilfield services to its customers. We regret that we have entered into a termination agreement based on public filings by several institutional holders of Bronco stock who did not recognize the merits of the transaction."
Source: Datamonitor
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