Proxy Governance Recommends Grey Wolf Stockholders Vote for the Merger with Basic Energy Services
09 Julho 2008 - 11:00AM
Business Wire
Grey Wolf, Inc. (AMEX:GW) today announced that Proxy Governance,
Inc., a leading independent proxy voting advisory firm, has
recommended that Grey Wolf stockholders vote in favor of the
proposed merger with Basic Energy Services, Inc. at the upcoming
Special Meeting of Stockholders scheduled for July 15, 2008. As
previously announced, Egan-Jones also has recommended that Grey
Wolf stockholders vote FOR the Basic merger. �Together with the
Egan-Jones recommendation, this is a strong validation of our view
that the Basic merger is in the best interests of Grey Wolf
stockholders,� said Thomas P. Richards, Chairman, President and CEO
of Grey Wolf. In its report, Proxy Governance stated that: �We
support this transaction because it appears to place a fair value
on the company based on analysts� opinions of the strategic fit,
and the general market reaction to the deal.� Mr. Richards added,
�As a result of the merger, Grey Wolf stockholders will receive
both near- and long-term value through the immediate return of
capital and the opportunity to participate in the long-term growth
of the combined company. The combined company will have a stronger
competitive position and the ability to pursue even more and better
growth opportunities than either company has pursued individually
in the past. Based on a careful and thorough analysis, our Board of
Directors unanimously recommends that Grey Wolf stockholders vote
in favor of the transaction.� Grey Wolf urges its stockholders to
deliver their proxies voting FOR the merger today. Stockholders of
record as of June 6, 2008 are entitled to vote, even if they have
sold their shares since the record date. Stockholders needing
assistance with their proxy can contact Grey Wolf�s information
agent, Georgeson, Inc.; Banks and brokers call: (212) 440-9800 Grey
Wolf stockholders call: (800) 561-3540 Forward Looking Statements
and Additional Information This document may include statements
herein that are �forward-looking statements� as defined by the
Securities and Exchange Commission (the �SEC�). All statements,
other than statements of historical fact, included herein that
address activities, events or developments that Grey Wolf expect,
believe or anticipate will or may occur in the future are
forward-looking statements. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially, including required approvals by stockholders and
regulatory agencies, the possibility that the anticipated benefits
from the proposed merger with Basic Energy Services cannot be fully
realized, the possibility that costs or difficulties related to
integration of the two companies will be greater than expected, the
impact of competition and other risk factors included in the
reports filed with the SEC by Grey Wolf and Basic Energy Services.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates.
Except as required by law, neither Grey Wolf nor Basic Energy
Services intends to update or revise its forward-looking
statements, whether as a result of new information, future events
or otherwise. Registration Statement and Joint Proxy
Statement/Prospectus In connection with the proposed mergers, a
registration statement of Horsepower Holdings, Inc. (�Holdings�)
has been filed and declared effective by the SEC. Each of Basic
Energy Services and Grey Wolf has filed a definitive joint proxy
statement/prospectus with the SEC. INVESTORS AND SECURITY HOLDERS
ARE URGED TO CAREFULLY READ THE REGISTRATION STATEMENT AND THE
JOINT PROXY STATEMENT/PROSPECTUS AND THESE OTHER MATERIALS
REGARDING THE PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT
INFORMATION ABOUT BASIC ENERGY SERVICES, GREY WOLF, HOLDINGS AND
THE PROPOSED TRANSACTION. Investors and security holders may obtain
a free copy of the registration statement and the joint proxy
statement/prospectus and other documents containing information
about Basic Energy Services and Grey Wolf, without charge, at the
SEC's web site at www.sec.gov, Basic Energy Service's web site at
www.basicenergyservices.com, and Grey Wolf's web site at
www.gwdrilling.com. Copies of the registration statement and the
joint proxy statement/prospectus and the SEC filings that are
incorporated by reference therein may also be obtained for free by
directing a request to either Investor Relations, Basic Energy
Services, Inc., (432) 620-5510 or to Investor Relations, Grey Wolf,
Inc., (713) 435-6100. Participants in the Solicitation Basic Energy
Services and Grey Wolf and their respective directors, officers and
certain other members of management may be deemed to be
participants in the solicitation of proxies from their respective
stockholders in respect of the mergers. Information about these
persons can be found in Grey Wolf's proxy statement relating to its
2008 annual meetings of stockholders as filed with the SEC on April
8, 2008. Information concerning beneficial ownership of Basic
Energy Services stock by its directors and certain of its executive
officers is included in its Annual Report on Form 10-K/A filed
April 29, 2008 and subsequent statements of changes in beneficial
ownership on file with the SEC. Additional information about the
interests of such persons in the solicitation of proxies in respect
of the merger will be included in the registration statement and
the joint proxy statement/prospectus to be filed with the SEC in
connection with the proposed transaction.
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