Waste Management withdraws proposal for Republic Services, blames financial markets

By Lisa Kerner

Charlotte, N.C., Oct. 13 - Waste Management, Inc. said it is withdrawing its proposal to acquire all of the outstanding shares of Republic Services, Inc. for $37 each.

"Given the current state of the financial markets, we believe that it would not be prudent to continue to pursue the acquisition of Republic," Waste Management chief executive officer David P. Steiner said in a company news release on Monday.

It was previously reported that Republic Service's board of directors rejected Waste Management's latest proposal as well as an earlier $34-per-share offer.

Republic Services said its shareholders are set to vote on the company's proposed merger with Allied Waste Industries, Inc. on Nov. 14.

Under the agreement with Republic Services, Allied Waste shareholders will receive 0.45 of a share of Republic Services common stock for each share of Allied Waste common stock, a prior news release said.

Republic Services, based in Fort Lauderdale, Fla., provides environmental services, including solid waste collection, transfer and disposal services. Allied Waste is a non-hazardous solid waste services company located in Phoenix.

Waste Management is a Houston-based provider of integrated waste services.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.