Waste Connections stockholders approve merger with Progressive Waste Solutions

Waste Connections Inc., headquartered in The Woodlands, Texas, has announced that its stockholders have approved the previously announced merger agreement with Progressive Waste Solutions Ltd., headquartered in Toronto, at the special meeting of Waste Connections stockholders held May 26, 2016.

The proposal to approve the merger agreement received support from more than 99 percent of the votes cast, according to the company.

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 postconsolidation common share of Progressive for each share of Waste Connections common stock.

The merger is subject to certain additional customary closing conditions; however, 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 percent of the combined company, and Progressive shareholders will own approximately 30 percent. 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."

The merger received the go-ahead under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in late February.