Waste Management starts regulatory actions for proposed Republic Services acquisition

New York, July 24 - Waste Management Inc. said it filed a notification and report under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for purchases of shares of Republic Services, Inc.

The company said the filing also will start the Department of Justice's expected antitrust review of the proposed transaction and start the HSR waiting period.

Waste Management also notified certain states' attorneys general of the HSR filing and its intent to purchase Republic shares. The notifications were made in accordance with Waste Management's Sept. 20, 1999 consent decree and other agreements with the Department of Justice and the states' attorneys general.

Republic Services noted that its board has already rejected Waste Management's offer and said it continues to believe its proposed merger with Allied Waste Industries, Inc. "will create significant value generating opportunities, including significant cost saving synergies, and is in the best interests of Republic stockholders."

Republic said that Waste Management can only acquire up to $63.1 million worth of Republic common stock without antitrust clearance.

"While Republic is aware of our fiduciary duties and will respond to Waste's antitrust notices as appropriate, Republic will continue to guard against opportunistic attempts to disrupt our strategic plans through open market activity or otherwise," the company added.

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.

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

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