Share Price Gains Following Period Expiry
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Update 1:35pm: Latest Updates on Deal Closure Time
Stericycle (NASDAQ:SRCL) experienced a 4.6% surge in its stock value subsequent to the expiration of the HSR waiting period for its intended $62 per share acquisition by Waste Management (WM).
The waiting period under the HSR Act came to a close at midnight on Thursday as per an 8-K filing. Notably, the deal also obtained the green light from the Competition Authority of Portugal and received confirmation from the UK Competition and Markets Authority affirming no further inquiries are necessary.
Moreover, foreign investment approval from the UK Investment Security Unit within the Cabinet Office has been secured. The company remains optimistic about the deal’s completion, potentially in Q4, contingent upon approvals from the Canadian Competition Act, Spanish Competition Act, and foreign investment laws of Spain.
In a separate development on Friday, CTFN reported, citing a knowledgeable source, that Waste Management (WM) is gearing up to finalize its acquisition of Stericycle (SRCL) in the upcoming week. WM has signaled a high likelihood of wrapping up the transaction during the following week, according to the report.
Back in early June, Waste Management (NYSE:WM) committed to purchasing Stericycle (SRCL), a key player in regulated medical waste and compliance services, at the rate of $62 per share in cash.