Filed under: Deals, Options, Precision Drilling TR (PDS)

Precision Drilling (NYSE: PDS) announced the purchase of Grey Wolf (NYSE: GW) for $5.00 in cash and 0.1883 newly-issued Precision trust units for each GW share.

The transaction will establish PDS as one of the largest U.S. land drillers with a combined fleet of 371 drilling rigs.

PDS September option implied volatility of 46 is near its 26-week average of 43 according to Track Data, suggesting non-directional price movements.

GW overall option implied volatility of 45 is near its 26-week average, suggesting non-directional price movements.

Option Update is provided by Stock Specialist Paul Foster of theflyonthewall.com

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This entry was posted on Wednesday, August 27th, 2008 at 2:20 am and is filed under Latest News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.