Summary
Waste Management, Inc. (WM) has filed an 8-K report on September 24, 2024, to provide an update on its proposed merger with Stericycle, Inc. The primary focus of this update is the receipt of a supplementary information request (SIR) from the Competition Bureau of Canada. This request extends the waiting period for the merger's completion under the Canadian Competition Act, contingent on WM and Stericycle's response to the SIR. The company is confident in its ability to respond promptly and expects to resolve any questions expeditiously. Despite this Canadian regulatory development, Waste Management has made significant progress on other fronts. The Hart-Scott-Rodino waiting period has expired, and the merger has received antitrust clearance from Portugal, foreign investment approval from the UK, and antitrust clearance from Spain. Stericycle's stockholders also approved the merger in August. The company reiterates its expectation to complete the merger as early as the fourth quarter of 2024, subject to ongoing regulatory approvals, including the Canadian review and Spanish foreign investment laws.
Key Highlights
- 1Waste Management (WM) and Stericycle received a Supplementary Information Request (SIR) from Canada's Competition Bureau regarding the proposed merger.
- 2The SIR extends the waiting period under the Canadian Competition Act until 30 days after the SIR response, unless terminated earlier.
- 3WM and Stericycle are confident in their ability to respond to the SIR timely and effectively.
- 4Antitrust clearance has been received from Portugal and Spain for the merger.
- 5UK foreign investment approval and confirmation that the UK CMA has no further questions have been obtained.
- 6The Hart-Scott-Rodino antitrust waiting period has expired.
- 7Stericycle stockholders approved the merger agreement on August 14, 2024.
- 8The expected closing of the merger remains as early as the fourth quarter of 2024, subject to outstanding regulatory approvals.