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Filed under: Deals, From the boards, Products and services

Waste Management Inc. (NYSE: WMI) raised its hostile bid for smaller rival Republic Services Inc. (NYSE: RSG) by more than 8% to $6.73 billion, a premium that should be enough to scuttle Republic’s $6.24 billion purchase of Allied Waste Industries Inc. (NYSE: AW).

Under the terms of the deal, Waste Management would buy Republic for $37 per share, a premium of almost 33% to Republic’s closing price on July 11, the last trading day before the company’s buyout proposal was disclosed. The proposal is above Republic’s all-time high stock price. Moreover, Waste Management will pay Republic, which rejected Waste Management’s earlier offer as inadequate, a fee of $250 million if the merger does not close because of opposition from the U.S. Department of Justice.

“Our $37.00 all-cash proposal clearly offers Republic stockholders a better and more certain value
alternative than is contemplated in the Republic-Allied transaction,” said David P. Steiner, Waste
Management’s CEO, in a press release. “We believe our proposal is clearly superior for Republic’s stockholders and is designed so we have the ability to work cooperatively with Republic to structure a transaction that would benefit both
Republic and Waste Management stockholders.”

A combined Waste and Republic would create annual synergies of $200 million, $50 million more than the savings created by the Republic-Allied deal, according to the Wall Street Journal. The reason for Waste Management’s interest in Republic is easy according to the paper: “Though smaller than Waste or Allied, Republic is generally regarded as the best-run trash hauler in the country, and its stock has outperformed its rivals.”

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Filed under: Before the bell, Earnings reports, Deals, Apple Inc (AAPL), General Electric (GE), Berkshire Hathaway (BRK.A), Employees, Market matters, Verizon Communications (VZ), United Parcel’B’ (UPS), Economic data, Qwest Communications Intl (Q), Oil

U.S. stock futures were a tiny higher this morning following Friday’s rally. Oil futures have been rising again due to the Russian-Georgian conflict and the dollar retracted from the five-month high set Friday. Global markets were mostly higher even though China’s hit a 19-month low.

Waste Management (NYSE: WMI) is expected to raise its unsolicited cash offer for rival Republic Services (NYSE: RSG) by almost 10% to $6.73 billion, the Wall Street Journal reported.

Verizon Communications (NYSE: VZ) and two unions concurred on a new three-year contract Sunday, averting a possible strike of 65,000 workers. The new contract provides 10.5% wage increases and changes in retirement benefits.

Berkshire Hathaway (NYSE: BRK.A) reported an 8% decline in second-quarter profit after the market close Friday. The investment group attributed the decline to fewer insurance premiums and $1 billion in unrealized derivative losses.

According to The Wall Street Journal, Apple Inc. (NASDAQ: AAPL)’s bet on cellphone software appears to be paying off as it has users have downloaded more than 60 million programs for the iPhone from its recently opened App Store. Apple sold an average of $1 million a day in applications for a total of about $30 million in sales over the month, CEO Jobs stated. That’d be $360 million a year at this rate.

Qwest Communications International Inc. (NYSE: Q) American workers union was authorized to call a strike when the contract expires Aug. 17 if talks fail to produce a new contract. Qwest rose 11% to $3.81 on Friday.

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