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Republic Services shareholders to vote Nov. 14 on Allied Waste merger
By Jennifer Chiou
New York, Oct. 10 - Republic Services, Inc. said it will hold a shareholder meeting on Nov. 14 at 1:30 p.m. ET in Florida to vote on the proposed merger with Allied Waste Industries, Inc.
Shareholders will vote on a proposal to approve the issue of Republic Services shares and other securities convertible into or exercisable for shares of Republic Services in connection with the agreement and plan of merger.
Holders will also mull over a proposal to approve an adjournment of the Republic Services special meeting, if necessary, to solicit additional proxies in favor of the proposal.
The company said on Sept. 24 that it expected to meet with the Department of Justice in the next 30 to 45 days to obtain guidance on which of its operations need to be divested for the transaction to gain regulatory approval.
Jim Zimmer, vice president of investor relations for Allied Waste, said in an earlier news release that upon completion of the proposed merger, the combined company would be committed to paying a dividend, paying down debt and maintaining sustained investment in the business.
"We see tremendous opportunity that [the merger] creates for all of our shareholders," he previously said.
Expected benefits include an improved capital structure, which is expected to boost Allied Waste to investment-grade status, he said.
Allied Waste expects to achieve $150 million of synergies through the merger, which will drive future cash flow, Zimmer said in the prior release.
Republic Services is a Fort Lauderdale, Fla., solid waste collection company.
Allied Waste is a Phoenix-based non-hazardous solid waste services company.
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