Waste Management offers to buy Republic for 6.19 bln drs

NEW YORK (AFP) — Waste Management, the US waste services leader, said Monday it had offered to buy rival Republic Services for 6.19 billion dollars, a bid aimed at thwarting Republic's planned tie-up with Allied Waste.

Waste Management proposed to acquire all outstanding shares of Republic Services for 34 dollars per share, a premium of 22 percent on the share's closing price Friday.

The announcement of the unsolicited buyout offer drove Republic Services shares up 14.55 percent to 31.96 dollars around 1405 GMT in New York trade, while Waste Management was off 6.88 percent at 34.67 dollars.

Republic Services announced on June 23 the acquisition of Allied Waste Industries, the ...