Republic Services to issue notes for merger with Allied Waste

By Susanna Moon

Chicago, June 23 - Republic Services, Inc. said it is planning a notes offering in connection with its merger with Allied Waste Industries, Inc.

The companies' boards of directors unanimously approved a definitive merger agreement, according to a press release.

Under terms of the agreement, Allied Waste shareholders will receive 0.45 shares of Republic Services common stock for each share of Allied Waste common stock.

Based on the closing stock prices of both companies on June 12, this represents a premium of 17% over the average closing price of Allied Waste's stock (NYSE: AW) for the previous 30 trading days.

Republic Services will issue 198 million common shares to Allied Waste shareholders, representing 52% ownership of the combined company.

Republic Services, based in Fort Lauderdale, Fla., provides environmental services including solid waste collection, transfer and disposal services in the United States.

Allied Waste is a non-hazardous solid waste services company located in Phoenix.

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