Notable Mergers and Acquisitions of the Day 8/11 (WMI/RSG, MT, ALY/BRNC)

August 11, 2008 9:53 AM EDT

StreetInsider.com Notable Mergers and Acquisitions of the Day:

• Waste Management, Inc. (NYSE: WMI) improved its all-cash takeover proposal for Republic Services, Inc. (NYSE: RSG) to $37 per share. This is up from the prior offer of $34 per share.
  
  In its revised proposal, Waste Management addressed the concerns expressed by Republic’s Board by stating that it:
  
  
  1. would pay Republic a fee of $250 million if the parties are unable to close a transaction due to opposition from the U.S. Department of Justice;
     
  2. would provide further assurance on its ability to close the transaction in a timely manner by including a "ticking fee," increasing the $37.00 per share price by an interest component, in the event its proposed transaction does not close on or before a mutually acceptable date due to antitrust clearance delays;
     
  3. has confirmed that financing is available and expects to execute commitment letters after it begins discussions with Republic on a merger agreement; and
     
  4. believes that the company’s post-transaction financial profile will allow Waste Management to remain investment grade, and is committed to take appropriate actions to ensure that result.
  
  
• ArcelorMittal (NYSE: MT) signed an agreement to acquire 49% of the share capital in MPP - Mineracao Piramide Participacoes Ltda.
  
  MPP is a mining company located in Corumba in the State of Mato Grosso do Sul, Brazil. MPP's activities are focused on the exploration and development of iron ore and manganese reserves in the region.
  
  The price to be paid by ArcelorMittal will be calculated based on the amount of iron ore and manganese reserves "in situ" assessed according to the Code for the Reporting of Mineral Resources and Ore Reserves of the Australasian Joint Ore Reserves Committee.
  
  
• Late Friday, Allis-Chalmers Energy Inc. (NYSE: ALY) and Bronco Drilling Company, Inc. (NASDAQ: BRNC) announced today that they have terminated their Agreement and Plan of Merger relating to the proposed acquisition of Bronco by Allis-Chalmers.
  
  Allis-Chalmers and Bronco agreed to terminate the merger agreement in light of clear indications that Bronco stockholders would not adopt the merger agreement.

To see all the Mergers & Acquisitions for today in real-time go to http://www.streetinsider.com/Mergers+and+Acquisitions

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