Key Developments For Waste Services, Inc.
Waste Services, Inc. (WSII.O) (Consolidated Issue listed on NASDAQ Global Market)
Law Offices of Brian M. Felgoise, P.C. Announces Investigation Of Waste Services, Inc.
The Law Offices of Brian M. Felgoise, P.C. announces an investigation into possible breaches of fiduciary duty and violations of state law, among other things, in connection with a proposed merger of Waste Services, Inc., with IESI-BFC Ltd. The investigation is focused on whether the proposed deal provides adequate value to the Company`s shareholders.
Law Office of Brodsky & Smith, LLC Announces Investigation on Behalf of Shareholders of Waste Services, Inc.
Law office of Brodsky & Smith, LLC announced that it is investigating potential claims against the Board of Directors of Waste Services, Inc. relating to the proposed merger with IESI-BFC Ltd. Under the proposed agreement, Waste Services shareholders will receive 0.5833 shares of IESI-BFC stock for each share of Waste Services they own. The investigation concerns possible breaches of fiduciary duty and other violations of state law related to the Waste Services Board's approval of the proposed acquisition. The proposed merger may under value Waste Services, which has initiated a vertical integration strategy centered on the JED landfill. This has resulted in the Company's steady improvements in Florida and an adjusted EBITDA margin of 27.2% in the third quarter ended September 30, 2009.
Levi & Korsinsky LLP Investigates Possible Breach of Fiduciary Duty By Board of Waste Services, Inc.
Waste Services, Inc. announced that Levi & Korsinsky (L&K) is investigating the Board of Directors of Waste Services, Inc. for possible breaches of fiduciary duty and other violations of state law in connection with their attempt to sell Waste Services to IESI-BFC Ltd. (IESI-BFC). Under the terms of the transaction, Waste Services shareholders are to receive 0.5833 of an IESI-BFC share for each Waste Services share they own. Based on the closing share price of IESI-BFC stock the day before the announcement, the proposed transaction values Waste Services shares at $7.76 per share and implies a total transaction value of approximately $370 million. The investigation concerns whether the Waste Services Board of Directors have breached their fiduciary duties to stockholders by failing to adequately shop Waste Services before entering into this transaction and whether IESI-BFC is underpaying for Waste Services shares, thus unlawfully harming Waste Services stockholders.
IESI-BFC Ltd. And Waste Services, Inc. Boards Of Directors Approve Definitive Merger Agreement
IESI-BFC Ltd. and Waste Services, Inc. (WSI) announced that their respective boards of directors have each approved a definitive merger agreement. The combined company, to be headquartered in Toronto, will have more than 6,000 employees serving commercial, industrial and residential customers in 11 U.S. states and the District of Columbia, and in six Canadian provinces. The transaction, which is expected to close during the first calendar quarter of 2010. Under the terms of the agreement: IESI-BFC will issue 27.8 million common shares to WSI shareholders, representing approximately 23% ownership in the combined company, assuming conversion of IESI-BFC's Participating Preferred Shares. The exchange ratio is 0.5833 common shares of IESI-BFC for each WSI common share held. Following completion of the transaction, Keith Carrigan will become Vice-Chairman and Chief Executive Officer of the combined company. J.P. Morgan Securities Inc. is acting as exclusive financial advisor to IESI-BFC on the transaction. CIBC World Markets is acting as exclusive financial advisor to WSI on the transaction. - The exchange ratio is 0.5833 common shares of IESI-BFC for each WSI common share held.
Waste Services, Inc. Raises FY 2009 EPS Outlook
Waste Services, Inc. adjusted its fiscal 2009 outlook and expects earnings per share (EPS) in the range of $0.43-$0.45. According to Reuters Estimates, analysts were expecting the Company to report EPS of $0.32 for the same period.
