Advanced Disposal Services Inc., Ponte Vedra, Florida, announced June 28 that the company's stockholders voted to adopt the merger agreement pursuant to which an indirect wholly owned subsidiary of Houston-based Waste Management Inc. would acquire the company in an all-cash transaction. The deal was first announced April 15.
During the June 28 shareholder meeting, 76,362,871 shares voted in favor of the proposal to adopt the merger agreement, representing approximately 85.9 percent of the outstanding shares of Advanced Disposal's common stock entitled to vote at the special meeting. The company says it will file the final vote results with the Securities and Exchange Commission on a Form 8-K.
Under the terms of the merger agreement, Advanced Disposal stockholders will be entitled to receive $33.15 per share in cash upon completion of the merger, which remains subject to the satisfaction of customary closing conditions.
The transaction is expected to close by the first quarter of 2020. Upon closing, Advanced Disposal common stock will be delisted from the New York Stock Exchange and deregistered under the Securities Exchange Act of 1934, as amended.