MIDLAND, Texas (AP) - Basic Energy Services says it's called off its proposed takeover of onshore oil and gas driller Grey Wolf Incorporated.
That's after shareholders of Houston-based Grey Wolf voted against the deal. Basic Energy is a Midland-based wellsite services company. In April, it agreed to pay Grey Wolf shareholders $1.82 in cash and a quarter share of the new company for each of their shares.
Basic Energy holders would receive $6.70 in cash and 0.9195 of a share. Based on the companies' closing stock prices April 18th, the combined company would have been worth 2.9 billion dollars. The deal carries a 30 million-dollar breakup fee.