09:36 AM EST - Precision Drilling Trust : has reached a deal to buy Grey Wolf, Inc. in exchange for the equivalent of $2.1 billion in cash and equity. The two companies announced early Monday that their boards of directors have agreed to a deal. In addition to US$1.12 billion in cash, the Calgary-based drilling company will exchange 42 million of its units to acquire the Houston-based company. That's about 4.5 percent more Precision Drilling units compared with its previous offer. Precision Drilling Trust
units T.PD.UN are trading trading at $22.23.
