DOJ asks Waste Management for more information on proposed buyout of Republic Services

By Lisa Kerner

Charlotte, N.C., Aug. 26 - Waste Management, Inc. said it received a second request for information from the Antitrust Division of the Department of Justice in connection with the company's proposed purchase of Republic Services, Inc. shares.

According to a Waste Management statement, the company has voluntarily supplied the DOJ with "substantial market information" ahead of the request.

Waste Management said it plans to respond promptly to the second request and will continue to cooperate with the DOJ as it conducts its review.

On Aug. 11, Waste Management announced that it made a revised proposal to the board of directors of Republic Services to acquire all of Republic Services' outstanding common stock for $37 per share in cash. Republic Services rejected the offer in favor of its planned merger with Phoenix-based non-hazardous solid waste services company Allied Waste Industries, Inc., it was previously reported.

Bill Gates' Cascade Investment, LLC recently bought approximately 4.2 million additional shares for a 17.99% stake in Republic Services, a Fort Lauderdale, Fla., solid waste collection company, according to a schedule 13D filed with the Securities and Exchange Commission.

Waste Management, a Houston integrated waste services provider, originally offered $34 per share for Republic Services in July. Bill and Melinda Gates were opposed to the offer, a prior SEC filing noted.

© 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.