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News > Deals
Two waste firms team up
August 10, 1998: 8:07 p.m. ET

Allied Waste to acquire American Disposal for $1.1B worth of stock
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NEW YORK (CNNfn) - Allied Waste Industries Inc., the fifth-largest U.S. solid-waste management company, said on Monday it agreed to acquire American Disposal Services Inc., a smaller regional competitor, in a stock swap valued at about $1.1 billion.
     The development, announced Monday evening, came two months after reports that Scottsdale, Ariz.-based Allied Waste approached Browning-Ferris Industries Inc., a much larger rival, with an offer.
     Allied Waste said Monday the new combined entity would operate in 25 states and have annualized revenues of about $1.5 billion.
     Under the terms of the proposed merger, Allied Waste will issue 1.65 shares for each share of American Disposal stock, or about 40.7 million shares.
     Shares of Allied Waste (AWIN) closed 5/8 lower to 26-1/2 while American Disposal's stock (ADSI) lost 3/8 to 38-1/8.
     The transaction is subject to regulatory reviews and is expected to close in the fourth quarter, Allied Waste said. The deal is expected to add to Allied Waste's earnings beginning in 1999, it said.Back to top
     -- from staff and wire reports

  RELATED STORIES

Waste firms talking merger? - June 5, 1998

Trash haulers to merge - March 11, 1998
  RELATED SITES

Allied Waste

American Disposal

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