Waste Management (WMI) Offers to Acquire Republic Services (RSG) for $34/share
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Waste Management, Inc. (NYSE: WMI) made a proposal to the Board of Directors of Republic Services, Inc. (NYSE: RSG) to acquire all of Republic's outstanding common stock for $34.00 per share in cash.
Waste Management's proposal represents a premium of approximately 22% over the closing price of Republic stock on July 11, 2008, the last trading day prior to public disclosure of Waste Management's proposal.
David P. Steiner, Waste Management's CEO, said, "Our $34.00 per share all-cash proposal clearly offers a better and more certain value alternative to Republic stockholders than the recently announced Republic-Allied Waste Industries, Inc. ("Allied") transaction. We believe our proposal is a superior proposal."
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