Allis-Chalmers Energy and Bronco Drilling Company Terminate Merger Agreement
09 8월 2008 - 5:05AM
Business Wire
Allis-Chalmers Energy Inc. (NYSE:ALY) and Bronco Drilling Company,
Inc. (NASDAQ/GM:BRNC) announced today that they have terminated
their Agreement and Plan of Merger relating to the proposed
acquisition of Bronco by Allis-Chalmers. Allis-Chalmers and Bronco
agreed to terminate the merger agreement in light of clear
indications that Bronco stockholders would not adopt the merger
agreement. Micki Hidayatallah, Allis-Chalmers� Chairman and Chief
Executive Officer, stated, �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. I would like to
extend my best wishes to Frank Harrison, the board of directors of
Bronco and their management team that worked so diligently with us
in an effort to achieve our shared vision for the benefit of all
our stakeholders.� Frank Harrison, Bronco Drilling�s Chairman and
Chief Executive Officer, stated, �While Bronco management and its
board of directors continue to believe in the strategic rationale
supporting a combination with Allis-Chalmers, it now seems clear
that it is unlikely we will achieve the requisite votes needed to
approve the merger. I greatly appreciate the work of all of the
individuals involved in this transaction and want to wish Micki and
the Allis-Chalmers team the best in all their future endeavors.�
Cancellation of Special Stockholders Meetings In connection with
the termination of the Merger Agreement, Allis-Chalmers and Bronco
Drilling today announced that their boards of directors have
cancelled their respective special meetings of stockholders, both
of which were scheduled to occur on Thursday, August 14, 2008 at
9:00 a.m. (Central Time). The purpose of the Bronco Drilling
special meeting was to adopt the Merger Agreement, and the purpose
of the Allis-Chalmers special meeting was to approve the issuance
of 16,846,500 shares of Allis-Chalmers common stock to stockholders
of Bronco Drilling in connection with the merger. About
Allis-Chalmers Allis-Chalmers Energy Inc. is a Houston-based
multi-faceted oilfield company. We provide services and equipment
to oil and natural gas exploration and production companies,
domestically primarily in Texas, Louisiana, New Mexico, Colorado,
Oklahoma, Mississippi, Wyoming, Arkansas, West Virginia, offshore
in the Gulf of Mexico, and internationally, primarily in Argentina
and Mexico. Allis-Chalmers provides rental services, international
drilling, directional drilling, tubular services, underbalanced
drilling, and productions services. For more information, visit our
website at http://www.alchenergy.com or request future press
releases via email at
http://www.b2i.us/irpass.asp?BzID=1233&to=ea&s=0. About
Bronco Drilling Company Bronco Drilling Company, Inc. is a publicly
held company headquartered in Edmond, Oklahoma, and is a provider
of contract land drilling and workover services to oil and natural
gas exploration and production companies. Bronco Drilling's common
stock is quoted on The NASDAQ Global Market under the symbol
"BRNC." For more information about Bronco Drilling Company, Inc.,
visit its website at www.broncodrill.com.
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