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Waste Management won't acquire Republic
Deseret News (Salt Lake City), Oct 14, 2008 by Associated Press
HARTFORD, Conn. -- Waste Management Inc., the nation's largest garbage hauler, on Monday withdrew its $6.73 billion bid to acquire smaller rival Republic Services, saying the move wouldn't be prudent, given current financial-market turmoil.
The announcement ends a three-month takeover struggle that began in July, when Houston-based Waste Management first offered to buy rival Republic Services Inc., the nation's No. 3 trash hauler, and continued when Waste Management sweetened its takeover bid in August.
The moves were seen as an effort to derail an earlier deal between Republic Services and Allied Waste Industries Inc., the second-largest player in the industry.
On Monday, Waste Management said it won't risk its strong financial position to engineer a hostile takeover. Chief Executive Officer David Steiner said the credit crisis motivated Waste Management to drop its bid.
Waste Management has hauling, landfill, recycling and transfer operations in Utah.
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