Waste Management boosts Republic buyout offer
Waste Management, the nation’s largest trash hauler, is boosting its buyout offer for rival Republic Services by 9% to $37 per share.
Houston-based Waste Management (WMI, Fortune 500) says it is willing to pay about $6.99 billion, for the Ft. Lauderdale, Fla.-based Republic Services Inc (RSG)., which rejected a $34 per share, or $6.19 billion, offer in July.
The new offer, represents a 32.6% premium to Republic’s closing stock price on July 11, the last trading day prior to the public disclosure of Waste Management’s proposal.
Under the new deal, Waste Management would pay Republic $250 million if the companies were unable to close the deal because of antitrust issues payday loans. Waste Management said any deal between the companies could close by early 2009.