Navigate this market better. Subscribe for FREE stock alerts and information.

Tuesday, April 26, 2011

Badger Daylighting shareholders reject Clean Harbors' offer

U.S. waste disposal company Clean Harbors Inc said its C$222 million ($232.6 million) offer to buy Canada's Badger Daylighting did not win enough support from the target company's shareholders. Clean Harbors, traditionally a waste management services provider, has been looking to diversify into energy services business through recent attempts to buy Badger and Peak Energy. Norwell, Massachusetts-based Clean Harbors said on Tuesday the deal to buy Badger did not muster the required 66.66 percent of the votes cast by Badger's share and option holders. "With its (Badger's) shareholders having voted to remain an independent company, we will move on to the next opportunity in what is an active acquisition pipeline," Clean Harbors Chief Executive Alan McKim said.