Waste Management (WM) has delayed its much-anticipated merger with Advanced Disposal Services (ADS) in light of impacts related to the COVID-19 outbreak.
March 18, WM filed a notice with the Securities and Exchange Commission (SEC) to update the merger's projected timing. Originally scheduled to close in March, the company now anticipates closing the merger late in the second quarter.
The update comes shortly after WM President and CEO Jim Fish reported the transaction to close on time during a Feb. 13 earnings call with investors.
“We anticipate that we will obtain antitrust regulatory approval by the end of March and close soon thereafter,” he said. “Our integration team has been working hard preparing for this close, and the team is positioned to move quickly to integrate ADS operations and to achieve our targeted synergies.”
WM will hold its Q1 2020 earnings call in the next coming weeks, which may shed more light on the acquisition’s delay.
Latest from Recycling Today
- Ocean freight interruptions poised to continue
- Danieli to supply shredder to Australian company
- Equipment from the former Alton Steel to be auctioned
- Novelis resumes operations in Greensboro, Georgia
- Interchange 360 to operate alternative collection program under Washington’s RRA
- Waste Pro files brief supporting pause of FMCSA CDL eligibility rule
- Kuraray America receives APR design recognition for EVOH barrier resin
- Tire Industry Project publishes end-of-life tire management guide
