Republic Services rejects Waste Management's revised offer
NEW YORK (Reuters) - Republic Services Inc (RSG.N), the third largest U.S. trash hauler, on Thursday announced its rejection of Waste Management Inc's WMI.N revised offer to buy it.
Waste Management's revised proposal could not be reasonably expected to be a transaction that is more favorable to Republic's shareholders than the merger currently underway between Republic and Allied Waste Industries AW.N, the country's second largest trash hauler, Republic said in a letter to Waste Management.
The new proposal continues to undervalue Republic, the company said in a statement.
As a result, Republic will not furnish information to or discuss a combination with Waste Management.
Waste Management is the biggest U.S. trash hauler.
(Reporting by Helen Chernikoff, editing by Phil Berlowitz)