The shareholders of Burlington, Ontario, Canada-based Waste Services Inc. voted on Wednesday to approve the proposed purchase of the company by Toronto-based IESI-BFC. The companies say the transaction should close on Friday, July 2.
In November, IESI-BFC reached an agreement to purchase Waste Services. According to the terms of the agreement, Waste Service stockholders will receive 0.5833 shares of IESI-BFC stock for each Waste Service share they own.
The combined company will be headed by Keith Carrigan, currently vice chairman and CEO of IESI-BFC, and will have more than 6,000 employees serving commercial, industrial and residential customers in the United States and Canada. Combined revenue is expected to reach about $1.5 billion a year.