Republic Services, Fort Lauderdale, Fla., and Phoenix-based Allied Waste have completed integration planning for their merger, which is expected to close in fourth-quarter 2008. Both companies have scheduled special shareholder meetings on Nov. 14 to vote on the pending merger.
“As we move through the planning process and get closer to the completion of this merger, we are very confident that we will be able to achieve value for our shareholders by building on both companies’ foundations of profitable growth,” said Jim O’Connor, chairman and CEO of Republic Services, in a press release. “Our strategic focus remains on realizing merger savings, improving return on invested capital, reducing debt and generating higher levels of free cash flow as we work towards positioning the new Republic to provide better opportunities for employees, significant operating efficiencies, unmatched customer service and long-term shareholder value.”
The boards of directors for both companies have recommended their shareholders vote in favor of the merger, which has received registration approval from the U.S. Securities and Exchange Commission.