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Microcap & Penny Stocks : Green Oasis Environmental, Inc. (GRNO) -- Ignore unavailable to you. Want to Upgrade?

To: Charles A. King who wrote (8945)	3/17/1998 4:48:00 PM
From: Robert Korn	Read Replies (1) \| Respond to of 13091

LLE and SafetyKleen: A skeptics viewpoint: I must admit I have been very skeptical up till today about any GRNO/LLE connection other than in Charles' (fertile) imagination. However, I refer you to 2 quotes from tomorrows WSJ: "Laidlaw will be entering new areas of business. Safety-Kleen collects industrial waste from about 400,000 customers, mostly small businesses such as auto-repair shops. Laidlaw has focused on larger business customers. It intends to send Safety-Kleen waste to its underused incinerators and offer more disposal services to Safety-Kleen's current customers." AND "management has a good idea of the shape they want the new company to take," said Mr. Dalfen. My knowledge of the industry is that these unnamed analysts often have access to the very type of information that we little guys seem to be prosecuted for if we have it. However, I am now less hesitant to embrace some of Charles' thinking on this matter, having read "between the lines" of this story. ++++++++++++++++++++++++++++ Laidlaw Will Buy Safety-Kleen After Sweetening Terms of Bid By SOLANGE DE SANTIS Staff Reporter of THE WALL STREET JOURNAL After weeks of resisting, Safety-Kleen Corp. agreed to be acquired by Laidlaw Environmental Services Inc. for $1.8 billion -- after Laidlaw put a bit more money on the table. Laidlaw Environmental increased the cash portion of its cash-and-stock bid to $18.30 per Safety-Kleen share, from $18. It also fixed the stock portion of its offer at 2.8 Laidlaw shares for each Safety-Kleen share. Monday, in composite trading on the New York Stock Exchange, Laidlaw shares closed at $4.125, down 12.5 cents, making the value of the Laidlaw offer $29.85 a share. Safety-Kleen shares rose 50 cents to $28.125. Based on Monday's closing stock price, Laidlaw's previous offer would have been valued at $29.55 a share. Analysts said the sweetened offer allowed the Safety-Kleen board to save face as it reversed course to support the Laidlaw bid. Previously, Safety-Kleen had fought off the unsolicited Laidlaw bid, in favor of an all-cash offer of $27 a share, or $1.58 billion, from a group led by Philip Services Corp., a metals-recovery and recycling company based in Hamilton, Ontario. The Philip bid was defeated last week when it failed to attract a sufficient number of tenders by Safety-Kleen shareholders. "The board has achieved its goal of enhancing shareholder value," Donald W. Brinckman, Safety-Kleen chairman, said in a statement. "We fully support the exchange offer and are committed to seeking a smooth transition for the combination of these two companies." Layoffs Viewed as Likely Laidlaw Environmental has maintained that it can achieve more than $100 million in cost savings as it intends to merge operations, and close Safety-Kleen's head office, which employs more than 600 people, most of whom are likely to be laid off. These moves will benefit Laidlaw Environmental's stock price, the company maintains. Laidlaw, a hazardous-waste-management concern based in Columbia, S.C., extended its offer to March 27 from March 16 and said that about 40% of Safety-Kleen shares had so far been tendered. Under state law in Wisconsin, where Safety-Kleen is incorporated, holders of two-thirds of its shares outstanding must vote in favor of a takeover. Safety-Kleen is a paint and solvent recycler based in Elgin, Ill. The acquisition of Safety-Kleen will make Laidlaw Environmental a more dominant player in the hazardous-waste-management business, said analyst Avi Dalfen of Research Capital Corp. in Toronto. Laidlaw said it now has a 30% market share of the hazardous-waste business, defined as the operation of incinerators, landfill and collection centers. 400,000 Customers Analysts couldn't immediately say what the merged company's market share would be, because Laidlaw will be entering new areas of business. Safety-Kleen collects industrial waste from about 400,000 customers, mostly small businesses such as auto-repair shops. Laidlaw has focused on larger business customers. It intends to send Safety-Kleen waste to its underused incinerators and offer more disposal services to Safety-Kleen's current customers. It will be a challenge for Laidlaw Environmental to integrate a somewhat different business, but "management has a good idea of the shape they want the new company to take," said Mr. Dalfen. Laidlaw Environmental is controlled by Laidlaw Inc., a transportation and waste-management company based in Burlington, Ontario.