Republic Services OKs Gates' purchase of more shares

By Lisa Kerner

Charlotte, N.C., Aug. 1 - The board of directors of Republic Services Inc. granted a request by Bill Gates' Cascade Investment, LLC to waive section 203 of the Delaware General Corporation Law with respect to the acquisition of up to 20% of Republic Services' outstanding shares.

The waiver was reported in a schedule 13D filed with the Securities and Exchange Commission.

It was previously reported that investors Bill and Melinda Gates opposed a proposal made by Waste Management, Inc. to acquire Republic Services for $34 per share.

Waste Management's July 14 offer was rejected by Republic Services in favor of its June 23 agreement to be acquired by Allied Waste Industries, Inc.

Through Cascade Investment and the Bill & Melinda Gates Foundation Trust, the investors own 28,542,451 shares, or 15.69%, of Republic Services. They also own 2.3% of Waste Management, a prior SEC filing noted.

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.

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