( WMI) withdrew its proposal to acquire fellow garbage collector
, saying Monday that the turmoil in the financial markets convinced it to reconsider the bid.
"When we began this process, we said that we would be a disciplined buyer and that we would not risk our strong financial position to acquire Republic," Waste Management CEO David Steiner said in a press release. "Given the current state of the financial markets, we believe that it would not be prudent to continue to pursue the acquisition of Republic."
var config = new Array(); config<BRACKET>"videoId"</BRACKET> = 1841494152; config<BRACKET>"playerTag"</BRACKET> = "TSCM Embedded Video Player"; config<BRACKET>"autoStart"</BRACKET> = false; config<BRACKET>"preloadBackColor"</BRACKET> = "#FFFFFF"; config<BRACKET>"useOverlayMenu"</BRACKET> = "false"; config<BRACKET>"width"</BRACKET> = 265; config<BRACKET>"height"</BRACKET> = 255; config<BRACKET>"playerId"</BRACKET> = 1243645856; createExperience(config, 8);
Republic hasn't been particularly interested in a deal with Waste Management, instead opting to seek a merger with
At the same time, Waste Management forecast revenue of $3.53 billion for the third quarter, a 3.6% year-over-year increase. The Houston-based company expects earnings of 62 cents to 63 cents a share, excluding certain items. On average, analysts are looking for 60 cents. Full results will be issued Oct. 30.
This article was written by a staff member of TheStreet.com.