WM Still Intent on Acquiring Republic Shares
Waste Management, Inc. recently issued the following statement in response to one by Republic Services, Inc. regarding Waste Management's revised proposal to acquire Republic for $37 per share in cash.
"We continue to believe that our revised proposal would provide superior value to Republic stockholders and, with Republic's cooperation, would be executable on a timely basis. We are disappointed with the action taken by Republic's Board of Directors and we will evaluate our options."
On Aug. 11, Waste Management announced that it had made a revised proposal to the Board of Directors of Republic to acquire all of Republic's outstanding common stock for $37 per share in cash. Waste Management's proposal represents a premium of 32.6 percent to Republic's closing stock price on July 11, the last trading day prior to public disclosure of Waste Management's initial proposal and is above Republic's all-time high stock price. The company believes that a transaction with Republic would close in late 2008 or early 2009.
Waste Management, Inc., based in Houston, Texas, provides comprehensive waste management services in North America. Through its subsidiaries, the company provides collection, transfer, recycling and resource recovery, and disposal services. It also develops, operates, and owns waste-to-energy and landfill gas-to-energy facilities in the United States.