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Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO)
GRNO 0.00Nov 26 4:00 PM EST
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To: Charles A. King who wrote (8908)3/10/1998 12:57:00 PM
From: Charles A. King  Read Replies (1) of 13091
 
Will miracles never cease? SK will talk to LLE.

ELGIN, Ill., March 10 (Reuters) - Safety-Kleen Corp.
said Tuesday it has terminated its merger agreement with a
partnership headed by Philip Services Corp. of Canada
and has initiated merger talks with hostile suitor Laidlaw
Environmental Services Inc. .
Late Monday, the leading U.S. processor of used lube oil
said it failed to receive enough shareholder support to approve
a proposed takeover by the Philip Services group. A vote in
favor by two-thirds of the total shares outstanding was needed
for approval.
SK Parent Corp., which is controlled by Philip Services, an
environmental waste services company, had offered $27 per share
in cash for Safety-Kleen. Apollo Advisors and Blackstone
Management Associates are also part of SK Parent.
South Carolina-based Laidlaw, which has offered $30 in cash
and stock for Safety-Kleen, had no immediate comment.
Safety-Kleen said in a statement it took no position on the
Laidlaw offer pending the outcome of negotiations.
It said each of the roughly 50 parties that had entered
into confidentiality and standstill agreements with
Safety-Kleen as part of its evaluation of strategic options is
released from the standstill provisions of those agreements.
This action permits those parties to make a proposal to
acquire Safety-Kleen if they choose to, Safety-Kleen said.
Safety-Kleen shares finished Monday at 26-5/8. Laidlaw
closed at 4-7/16.

newsalert.com

Charles
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