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Text size [+][-]  Saturday November 21 2009GLOBAL EDITION

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14 Jul 2008 20:20

Smells like roses



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Waste Management made an unsolicited $34-a-share, or $6.2bn, offer to buy disposal company Republic Services, trying to stop Republic from buying another competitor Allied Waste.

The merger agreement was worded so Republic can entertain offers without paying the $200m break fee as long as the board, after consulting its advisors, determines the offer could lead to a superior proposal.

Credit Suisse was the advisor to Waste Management.

Garbage-collector Republic Services launched a bid for Allied Waste that shareholders thought reeked. Now Republic is on the receiving end of a $6bn takeover from trash king Waste Management. It just goes to show markets work - even when managers stink.

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More stories by:  Lauren Silva Laughlin




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