Republic studying $6.19 billion offer from Waste Management

FORT LAUDERDALE  — Waste Management is proposing to buy Republic Services for $34 a share — a deal worth $6.19 billion.

In an announcement made Monday morning, Waste Management  positioned the offer as a better alternative to Republic’s $6.24 billion bid for Allied Waste announced in June.

At $34 a share, Waste Management’s offer represents a 22 percent premium over Republic’s closing price on Friday.

“Our $34 per share all-cash proposal clearly offers a better and more certain value alternative to Republic stockholders than the recently announced Republic-Allied Waste Industries transaction,” CEO David P. Steiner said. “We believe our proposal is a superior proposal.”

Republic services responded with a statement of its own later Monday morning.

“The board of directors of Republic Services, along with its legal and financial advisors, will carefully review the proposal received from Waste Management consistent with its fiduciary duties. Following its review, the board will respond in due course.”

Shares of Republic were up $3.76 to $31.66 in afternoon trading on the New York Stock Exchange.