One of the more interesting side notes to come out of Waste Management's spurned bid for Republic was just who was against the deal. According to the Associated Press, the investment office for the Bill and Melinda Gates Foundation Trust, which owns 15.6 percent of Republic and 2.3 percent of Waste Management, was a vocal opponent of the offer.

"The investment office also thinks the deal undervalues the target company, lacks strategic rationale, and believes the regulatory process will be arduous and risky," says the AP report. "And it says Republic's shareholders would be best served by the proposed purchase of Allied."