Waste Connections Stockholders Approve Merger with Progressive Waste Solutions
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THE WOODLANDS, Texas, May 26, 2016 - Waste Connections, Inc. (NYSE: WCN) announced that its stockholders have approved the previously announced merger agreement with Progressive Waste Solutions Ltd. ("Progressive") at the special meeting of Waste Connections stockholders held today.
The proposal to approve the merger agreement received support from more than 99% of the votes cast. Upon completion of the merger, Waste Connections stockholders will receive 2.076843 Progressive common shares for each share of Waste Connections common stock. Immediately after completion of the merger, Progressive intends to effect a consolidation (i.e., a reverse stock split under Canadian law) whereby every 2.076843 Progressive common shares will be converted into one Progressive common share. After taking into account the effects of the merger and the consolidation, Waste Connections stockholders will receive one post-consolidation common share of Progressive for each share of Waste Connections common stock.
The merger is subject to certain additional customary closing conditions. Waste Connections continues to expect the merger to be completed in the second quarter of 2016. Upon completion of the merger, Waste Connections stockholders will own approximately 70% of the combined company and Progressive shareholders will own approximately 30% of the combined company. The combined company will use the Waste Connections name and its shares are expected to trade on the New York Stock Exchange and on the Toronto Stock Exchange under the symbol "WCN."
About Waste Connections
Waste Connections, Inc. is an integrated solid waste services company that provides waste collection, transfer, disposal and recycling services in mostly exclusive and secondary markets. Through its R360 Environmental Solutions subsidiary, Waste Connections is also a leading provider of non-hazardous oilfield waste treatment, recovery and disposal services in several of the most active natural resource producing areas in the United States, including the Permian, Bakken and Eagle Ford Basins. Waste Connections serves more than two million residential, commercial, industrial, and exploration and production customers from a network of operations in 32 states. Waste Connections also provides intermodal services for the movement of cargo and solid waste containers in the Pacific Northwest. Waste Connections, Inc. was founded in September 1997 and is headquartered in The Woodlands, Texas.
For more information, visit the Waste Connections web site at www.wasteconnections.com. Copies of financial literature, including this release, are available on the Waste Connections website or through contacting us directly at (832) 442-2200.
CONTACT:
Worthing Jackman / (832) 442-2266
worthingj@wasteconnections.com
Mary Anne Whitney / (832) 442-2253
maryannew@wasteconnections.com
SOURCE Waste Connections, Inc.
Web Site: www.wasteconnections.com/
