Wednesday, July 16, 2008

Waste Management Offers to Buy Republic Services Who Just Purchased Allied Waste

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.

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