Advanced Disposal Services (ADS) announced that during a special meeting on June 28, the company's stockholders voted to adopt the merger agreement in which the company would be acquired by an indirect, wholly-owned subsidiary of Waste Management Inc. in an all-cash transaction, which was first announced on April 15.
During the special meeting, 76,362,871 shares voted in favor of the proposal to adopt the merger agreement, representing approximately 85.9 percent of the outstanding shares of Advanced Disposal's common stock entitled to vote at the special meeting. The company will file the final vote results with the Securities and Exchange Commission.
Under the terms of the merger agreement, Advanced Disposal stockholders will be entitled to receive $33.15 per share in cash upon completion of the merger, which remains subject to the satisfaction of customary closing conditions.
The transaction is expected to close by the first quarter 2020. Upon closing of the transaction, Advanced Disposal common stock will be de-listed from the New York Stock Exchange and de-registered under the Securities Exchange Act of 1934, as amended.