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Strategies & Market Trends : Trend Setters and Range Riders
MSFT 459.87+0.7%Jan 16 3:59 PM EST
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To: Frederick Langford who wrote (18648)5/31/2002 1:24:16 PM
From: Skywatcher  Read Replies (1) of 26752
 
DJ Clean Harbors/Safety-Kleen -3: Vivendi Env Makes Rival Bid

The financial chief at Onyx North America, the Vivendi Environnement unit, confirmed the company submitted a bid Thursday for Safety-Kleen's chemical services business, meeting the bankruptcy court's deadline.

Onyx Chief Financial Officer George Farr declined to name the terms or the value of Onyx's offer, but said it provides more cash and cash equivalents than the competing Clean Harbors bid, which provides $46.3 million cash.

Farr said the Onyx bid would also limit the Safety-Kleen liabilities acquired. The company believes Safety-Kleen's actual liabilities are "substantially" higher than the $265 million Clean Harbors has proposed to assume, perhaps by as much as $225 million more.

While making the competing bid, Onyx also filed an objection to Clean Harbors' proposal because, according to Farr, Onyx was kept from collecting all the information it needed to determine its offer.

"The process was flawed," Farr said.

Clean Harbors said earlier Friday that the judge hadn't acted on Onyx's request for a delay, and the hearing to determine the winner remains set for June 13.
Getting more interesting NOW....so we'll have to wait.....
price in the 7's going either way is probably a good one
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