Waste Connections, Inc. announces that its stockholders have approved the previously announced merger agreement with Progressive Waste Solutions Ltd. (“Progressive”) at the special meeting of Waste Connections stockholders. 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. 聽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. 聽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. 聽Waste Connections continues to expect the merger to be completed in the second quarter of 2016. 聽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. 聽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.”
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