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Trash Talk
(Star news services)
2 pension funds sue Republic over rejection of buyout offer
Posted: July 29, 2008
Wilmington, Del. -- Waste hauler Republic Services has been sued in Delaware Chancery Court by two pension funds over claims it wrongly rejected a $6.19 billion takeover offer by Waste Management in favor of an inferior deal. Republic rejected the all-cash buyout to pursue a planned purchase of Allied Waste Industries. In related news, Republic said it will penalize companies seeking to make large-scale share purchases, an attempt to block the Waste Management takeover. The plan penalizes purchasers of more than 10 percent of Republic's common stock unless the acquisition is approved by Republic's board. For shareholders that already own 10 percent of Republic, the policy would bar purchases of 20 percent or more.
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