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Republic Services takes measures to thwart takeover by Waste Industries
By Lisa Kerner
Charlotte, N.C., July 28 - The board of directors of Republic Services, Inc. adopted a stockholder rights plan intended to prevent "disruptive and coercive acquisition tactics," it was announced on Monday.
The rights plan would penalize anyone acquiring more than 10%, or 20% in the case of existing 10% holders, of Republic's common stock, including through derivatives, unless approved by Republic's board, a company news release stated.
According to Republic, the rights plan, which expires July 27, 2009 is targeted solely at partial accumulations of Republic stock and will not apply to the closing of the company's planned merger with Allied Waste Industries, Inc.
Republic rejected a proposal by Waste Management, Inc. to acquire the company for $34 per share in favor of its June 23 merger agreement with Allied Waste, it was previously reported.
In addition, Republic's board adopted bylaw amendments designed to regulate the written consent process and to require notice and information about stockholder proposals.
Republic's board also waived section 203 of the Delaware General Corporation Law with respect to the acquisition by long-term shareholders Cascade Investment, LLC and the Bill & Melinda Gates Foundation Trust of up to 20% of Republic's outstanding shares.
Fort Lauderdale, Fla.-based Republic Services provides environmental services including solid waste collection, transfer and disposal services in the United States.
Allied Waste is a non-hazardous solid waste services company located in Phoenix.
Waste Management is a Houston-based provider of integrated waste services.
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