Another oil services deal to fail?

Grey Wolf is licking its wounds after shareholders of the U.S. oil driller rejected the company’s proposed buyout of oil services firm Basic Energy Services on Tuesday.

Grey Wolf’s shareholders were likely banking on a takeover offer from Canada’s Precision Drilling Trust, which had previously bid $10-a-share for the company and said that the offer would be back on the table if Grey Wolf broke off its deal for Basic.

Another deal in the U.S. energy services sector could also be in peril, said Raymond James analyst Marshall Adkins, and this one doesn’t even have a competing bid to shake up shareholders.

“It wouldn’t be entirely surprising to see a similar result in the upcoming Allis-Chalmers/Bronco Drilling vote,” Adkins said in a research note on Wednesday.

Oilfield service company Allis-Chalmers Energy is trying to buy Bronco Drilling in a stock and cash deal currently valued at about $450 million.

Adkins said that, given a recent pullback in Allis-Chalmers shares, the current offer represents a roughly 16 percent discount to its peer group’s price-to-earnings and enterprise value-to-EBITDA multiples.

“As a result, shareholders could reject Allis-Chalmers’ second offer for Bronco,” Adkins said. “Stay tuned for next month’s shareholder vote!”

Bronco shareholders vote on the offer on August 14.

(Reporting by Michael Erman)