What is the significance of the "Second Request" from the DOJ?

The "Second Request" is a standard part of the HSR Act review process. It indicates that the DOJ requires more time and information to complete its antitrust review of the proposed merger between Waste Management and Advanced Disposal. This request automatically extends the waiting period required before the transaction can close.

Does this "Second Request" mean the merger is in jeopardy?

Not necessarily. A "Second Request" is a common procedural step in significant merger reviews. While it adds time and requires additional information, it does not inherently mean the merger will be blocked. Waste Management has stated they are cooperating with the DOJ and continue to expect the merger to close in Q1 2020, subject to closing conditions.

What is the new expected timeline for the merger completion?

Waste Management continues to expect the merger to be completed during the first quarter of 2020. However, this timeline is now subject to the resolution of the DOJ's "Second Request" and the satisfaction of all other closing conditions outlined in the merger agreement.

What were the voluntary withdrawal and refiling of HSR notifications?

This was a procedural step taken to facilitate the DOJ's review and provide them with additional time. By voluntarily withdrawing and refiling their initial notification, the parties reset the initial waiting period clock, allowing for continued cooperation and potentially smoother review before the "Second Request" was issued.

WM 8-K SEC Disclosure — Jul 18, 2019

Summary

This 8-K filing from Waste Management, Inc. (WM) provides an update on the ongoing acquisition of Advanced Disposal Services, Inc. (ADS). The key development is that both WM and ADS have received a "Second Request" for additional information from the U.S. Department of Justice (DOJ) in connection with their antitrust review of the merger. This "Second Request" extends the HSR Act waiting period, meaning the closing of the transaction is now contingent on substantial compliance with these information requests and potential earlier termination by the DOJ. Despite this procedural step, Waste Management continues to expect the merger to be completed during the first quarter of 2020. The company emphasizes its cooperative stance with the DOJ and reiterates its commitment to closing the transaction, subject to all customary conditions. Investors should monitor future filings for updates on the DOJ's review and the satisfaction of closing conditions.

Key Highlights

1Waste Management (WM) and Advanced Disposal Services (ADS) received a "Second Request" from the DOJ for additional information regarding the proposed merger.
2The "Second Request" effectively extends the HSR Act waiting period until 30 days after substantial compliance with the information requests.
3WM and ADS are cooperating fully with the DOJ's review.
4The expected closing timeline for the merger remains the first quarter of 2020, subject to satisfaction of closing conditions.
5The voluntary withdrawal and refiling of HSR notifications were completed prior to the "Second Request" to facilitate ongoing cooperation.
6The filing includes standard cautionary language regarding forward-looking statements and associated risks.

WASTE MANAGEMENT INC 8-K Report, Corporate Update (Jul 18, 2019)

Summary

Key Highlights

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