Companies Set November 14 as Meeting Date for Stockholder Votes on
Proposed Merger And Begin Mailing of Joint Proxy Statement
Republic Services, Inc. (NYSE: RSG) and Allied Waste Industries, Inc.
(NYSE: AW) today announced that their joint integration planning team
has substantially completed extensive integration planning related to
their merger to ensure a seamless combination for employees,
shareholders and customers. The companies are poised to implement their
plans to complete the merger in the fourth quarter of 2008. The
companies are highly confident that they will meet the projected $150
million of merger synergies in the third year following completion of
the transaction.
“As we move through the planning process and
get closer to the completion of this merger, we are very confident that
we will be able to achieve value for our shareholders by building on
both companies’ foundations of profitable
growth,” said Jim O’Connor,
Chairman and Chief Executive Officer of Republic Services. “Our
strategic focus remains on realizing merger savings, improving return on
invested capital, reducing debt and generating higher levels of free
cash flow as we work towards positioning the new Republic to provide
better opportunities for employees, significant operating efficiencies,
unmatched customer service and long-term shareholder value.”
Republic Services and Allied Waste began the integration planning
process immediately after the announcement of their definitive merger
agreement by forming 17 functional and cross-functional teams of
corporate, regional and local representatives from both companies. Over
the past three months, these teams have invested more than 12,000
man-hours in planning for the smooth and successful merger of Republic
and Allied. A large part of the planning process included the review and
selection of the operating systems that will be used by the combined
company. Additionally, the companies have named the top 70 executives
and managers of the combined company.
“Our integration teams have worked hard to
complete the integration planning process to prepare our joint
leadership team to enhance Republic’s position
in the U.S. environmental services industry,”
said Don Slager, President and Chief Operating Officer of Allied. “The
bottom line is that we are certain that we have the right people and the
right plan to execute a smooth transition that creates value for our
shareholders and enhanced career opportunities for our employees. With
the ‘day-one’
merger plans in place, our integration teams are now focusing on
developing the plans for the first few months of the merger to ensure a
smooth transition and integration.”
The companies also announced that the U.S. Securities and Exchange
Commission has declared effective the Registration Statement on Form S-4
relating to the proposed merger of Republic Services and Allied Waste.
Both companies have established November 14 as the date of their special
stockholder meetings, and they have begun to mail a definitive joint
proxy statement to stockholders of record as of the October 6, 2008
record date for the meetings.
Republic will hold its special stockholder meeting on November 14, 2008,
at 1:30 p.m., Eastern Time, in the Atrium on the 7th Floor of 110 S.E.
6th Street, Fort Lauderdale, Florida 33301.
