Back on February 16, Laidlaw announced that the majority of Safety Kleen's shareholders approved of their offer to take over SK. The LLE CEO said,
"For some time we have been saying that the Laidlaw Environmental offer provides superior value. Institutional Shareholder Services has supported our view. Last week, Safety-Kleen's own investment advisor, William Blair, agreed. On Friday, the majority of Safety-Kleen shareholders also concurred as to the superiority of our offer in terms of value and certainty. In light of the number of shares tendered to the Laidlaw Environmental offer, we believe there is little likelihood that the Philip group's merger proposal will be approved.
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Near the close of business yesterday, Safety Kleen management announced they had again postponed the shareholder meeting until March 9 to vote on the takeover bids. Then later they announced they had won the vote after all.
ELGIN, Ill., Feb 25 (Reuters) - Safety-Kleen Corp said late Wednesday a preliminary count by its proxy solicitor showed two-thirds of the merger proxies received so far favor a deal with SK Parent Corp over a hostile bid from Laidlaw Environmental Services .
The proxies received so far account for 70 percent of its shares outstanding.
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But LLE says whoa, wait a minute, what's going on here!
COLUMBIA, S.C., Feb. 26 /PRNewswire/ -- Laidlaw Environmental Services, Inc. (NYSE: LLE) today announced that it has further extended its exchange offer for Safety-Kleen Corp. (NYSE: SK) to 12:00 p.m. Midnight, New York City time on Monday, March 9, 1998.
LLE also announced that given the decision by SK's Board to adjourn to
March 9, 1998 the February 25, 1998 special meeting (which was the continuation of the originally scheduled but adjourned February 11, 1998 special meeting) and LLE's understanding that less than 50% of the SK shareholders voted to support the Philip Group merger proposal, LLE will commence the process to seek injunctive relief in Chicago Federal Court to remove the obstacles SK's Board will not remove.
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Charles |
