Garbage disposal company Republic Services Inc. rejected on Friday an unsolicited $6.19 billion takeover offer from rival Waste Management Inc., saying it prefers an earlier deal with another suitor.
Republic's shares fell 2 percent in premarket trading.
The company said it wants to stick with an agreement announced June 23 to combine with Allied Waste Industries Inc., a deal worth $6.07 billion when it was unveiled.
"Republic is not for sale," James O'Connor, chairman and chief executive at Republic Services, wrote in a letter to David Steiner, chief executive of Waste Management. "Although we are always cognizant of our fiduciary …
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