Precision Take Over Bid

Calgary-based Precision Drilling Trust has launched an unsolicited1.61 billion dollar takeover offer, for the contract drilling company Grey Wolf.

It gives the Houston based target firm an alternative to consider, to its planned merger with Basic Energy Services.

In a letter to Thomas Richards, the chairman and CEO of Grey Wolf, Precision said its bid was better than the Basic deal.

Grey Wolf, which operates in the U.S. and Mexico, reported a profit of 169.9 million U.S. in the 2007 calendar year.