- Companies Expect to Complete Merger in the Fourth Quarter of
2008 -
Republic Services, Inc. (NYSE: RSG) and Allied Waste Industries, Inc.
(NYSE: AW) today announced that their respective stockholders have
approved the proposed merger of Republic and Allied at separate special
meetings held in Fort Lauderdale, Florida and Scottsdale, Arizona.
Preliminary results indicate that more than 95% of shares voted at each
meeting – or more than 80% of total shares
outstanding at each company – were cast in
favor of the respective proposals related to the merger. The companies
expect to complete the merger by the end of the year, subject to the
receipt of antitrust regulatory approval from the U.S. Department of
Justice.
“We are pleased by the overwhelming support of
this historic transaction from stockholders of both companies,”
said Jim O’Connor, Chairman and Chief
Executive Officer of Republic Services. “We
are positioned for greater success together as a strong leader in the
U.S. environmental services industry. This merger will bring together
our complementary cultures and our shared commitment for superior
customer service, while creating compelling strategic and financial
benefits for our stockholders.”
“Our integration teams have spent the past two
months analyzing the critical functions and processes of both companies
to identify the actions needed for a seamless integration beginning Day
One and for capturing the synergies inherent in this combination,”
said Don Slager, President and Chief Operating Officer of Allied. “With
today’s stockholder approval, we are one step
closer to realizing the value of this transaction for employees,
customers and investors.”
Upon completion of the merger, the combined company, which will be
called Republic Services, will be a leading national environmental
services provider, with expected pro forma revenues of $9 billion.
Following the completion of the merger, Allied will be a wholly owned
subsidiary of Republic with Allied stockholders receiving approximately
51.7% of the outstanding common stock of the combined company in respect
of their Allied shares and Republic stockholders retaining approximately
48.3% of the outstanding common stock of the combined company, in each
case, on a diluted basis. The companies are highly confident that they
will meet the projected $150 million of annual pre-tax merger synergies
by the third year following completion of the transaction.
About Republic Services, Inc.
Republic Services, Inc.
