Republic Services Declines WM Offer
Republic Services, Inc. announced recently that its board of directors, after careful consultation with its legal and financial advisers, unanimously determined that the Waste Management Inc. proposal announced on July 14 does not constitute and could not reasonably be expected to lead to a transaction that is more favorable to Republic stockholders than the merger currently contemplated between Republic and Allied Waste Industries, Inc.
Republic stated that, having made such a determination, it may not under its merger agreement with Allied furnish information to and have discussions and negotiations with Waste Management.
Republic stated that it has not put itself up for sale as a result of entering into a strategic merger with Allied Waste Industries, Inc. Republic's board therefore has not authorized discussions between Waste Management and Republic. Republic also said that its board of directors has not changed its recommendation of the existing merger with Allied.
Waste Management had proposed that it would acquire Republic Services, Inc. for $34.00 per share in cash.