Waste Management withdraws $6.7B offer for Republic

Trash hauler Waste Management Inc. on Monday withdrew its hostile $6.73 billion offer for smaller rival Republic Services Inc., citing the broader economic climate, seemingly clearing the way for the target's agreed-to merger with Allied Waste Industries Inc.

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Allied Waste and Republic agreed to an all-stock merger on June 23 worth nearly $6 billion. The move by Waste Management ends the contentious battle for Republic, which saw the adoption of a poison pill by Republic in late July and a bidding war that lifted the offer price for the company from nearly $6 billion to $6.73 billion. - Carolyn Murphy

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