Waste Management Pulls Republic Offer

October 13, 2008

1 Min Read
Waste360 logo in a gray background | Waste360

Houston-based Waste Management has withdrawn its $6.73 billion takeover offer of Republic Services, Fort Lauderdale, Fla., citing financial market woes that would make the acquisition too risky.

According to a report by the Wall Street Journal, the company projected troubled markets and forecast third-quarter results above analysts’ expectations. “Given the current state of the financial markets, we believe that it would not be prudent to continue to pursue the acquisition of Republic," David Steiner, CEO of Waste Management, told the paper. "Our focus will remain where it has always been -- on providing strong and stable returns for our investors."

Waste Management said it expects third-quarter earnings of 62 cents to 63 cents a share on revenue of $3.53 billion.

Stay in the Know - Subscribe to Our Newsletters
Join a network of more than 90,000 waste and recycling industry professionals. Get the latest news and insights straight to your inbox. Free.

You May Also Like