Waste Industries goes private for $544M

Waste Industries USA Inc. has thrown in the towel as a public company. A group led by co-founder and chairman Lonnie Poole, CEO Jim Perry, as well as financial backers Macquarie Infrastructure Partners and Goldman, Sachs & Co. reached an agreement Monday to pay a sweetened $38 per share in a deal totaling $544 million to take the Raleigh, N.C., garbage hauler off the public markets.

The offer eclipses an Oct. 22 bid of $36.75 per share made by the Poole-led buyout group. The special committee of the independent directors of Waste Industries, advised by independent financial and legal advisers led by J.P. Morgan Securities Inc., felt the offer was fair, and accepted the bid.

Poole felt that Waste Industries would benefit more as a private company because it would escape the scrutiny of quarterly earnings reports and end complaints about the small float of the company, which is more than half-owned by insiders. — Gerald Magpily

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See Waste Industries press release

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