Republic Services (RSG) Rejects Waste Management's (WMI) Latest Offer
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Republic Services, Inc. (NYSE: RSG) said its Board of Directors unanimously determined that the Waste Management, Inc. (NYSE: WMI) revised proposal announced on August 11 continues to undervalue the company. As a result, the Board believes that the revised proposal 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. (NYSE: AW).
On August 11th, Waste Management improved its all-cash takeover proposal for Republic Services to $37 per share. This was up from the prior offer of $34 per share.
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