Waste Services, IESI-BFC combination on track to close in early 2010

By Lisa Kerner

Charlotte, N.C., Dec. 10 - Waste Services, Inc. and IESI-BFC Ltd. have received fairness opinions from CIBC World Markets and J.P. Morgan Securities Inc., respectively, in regards to their proposed merger announced on Nov. 11.

The termination rights under the merger agreement are no longer applicable since the fairness opinions have been received and Waste Services and IESI-BFC have completed their due diligence reviews to their satisfaction, a joint news release from the companies said.

Closing of the transaction is expected to occur in the first quarter of 2010.

In November, the companies announced they will combine to form North America's third-largest solid waste management company with expected pro forma annual revenues of approximately $1.5 billion.

As previously reported, Waste Services shareholders will receive 0.5833 common shares of IESI-BFC for each Waste Services share held.

Waste Services is a Burlington, Ont.-based solid waste management services company.

IESI-BFC is a full-service waste management company based in Toronto.

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