FORT LAUDERDALE, Fla. (AP) -- Trash hauler Republic Services Inc. has again rejected a sweetened buyout offer from rival Waste Management Inc., saying its bid still undervalues the company.Republic said late Thursday it sent a letter to Waste Management declining to enter into discussions over its $6.73 billion unsolicited bid because its board unanimously believes the proposal "still substantially undervalues Republic."
Waste Management raised its buyout to $37 a share Aug. 11 after No. 3 trash hauler Republic swiftly rejected an earlier bid for $34 a share, saying it undervalued the company and was an attempt to disrupt its own plans to buy another waste hauler.
The latest buyout offer represented a 32.6 percent premium to Republic's closing stock price on July 11, the last trading day before Houston-based Waste Management announced its first offer for Republic.
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