Waste Management on Monday made an unsolicited offer to buy disposal company Republic Services Inc. for $6.19 billion in cash, aiming to block its biggest rivals from teaming up against the nation's largest garbage hauler.
The move countered a deal announced in June in which the third-largest waste hauler, Republic, said it would buy Allied Waste Industries, the second-largest, in a stock combination worth $6.07 billion at the time.
Waste Management's $34-per-share offer represented a 22 percent premium to Republic Services closing stock price of $27.90 on Friday.
Wednesday, July 16, 2008
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