PD Responds To Unsolicited 3rd Party OfferCALGARY, Sep 6, 2001 /PRNewswire via COMTEX/ -- Precision Drilling Corporation ("Precision") has been notified that TRC Capital Corporation has made an unsolicited tender offer to purchase up to 1,750,000 (3.3%) of Precision's issued and outstanding common shares at $39.80 per share. Precision wishes to inform its shareholders that it does not recommend or endorse this unsolicited offer and that Precision is in no way associated with TRC Capital Corporation.
The Canadian Securities Administrators issued a Staff Notice 61-301 recommending that shareholders solicited by mini-tender offers carefully examine a mini-tender to determine whether it is in their interests and consult their financial advisor prior to tendering to the offer. Shareholders who have already tendered their shares to the offer may withdraw them at any time prior to 5:00 p.m. (Toronto time) on September 17, 2001.
The US Securities Exchange Commission has recommended that investors carefully scrutinize and exercise caution in connection with "mini-tender offers" and has issued an investor alert with respect to "mini-tender offers" available at the SEC's web site www.sec.gov/investor/pubs/minitend.htm.
Shareholders who are considering selling their shares are urged to consult their own financial advisor prior to doing so.
Precision Drilling Corporation is listed on The Toronto Stock Exchange under the trading symbol "PD" and on the New York Stock Exchange under the trading symbol "PDS".
SOURCE Precision Drilling Corporation