Western Waste's price leaps as it becomes USA Waste subsidiary.TORRANCE - Western Waste Industries Inc. is expected to become a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of USA. Waste Services Inc. this week in a deal that has grown in value to $750 million from $525 million when it was first announced in December. Shareholders of Torrance-based Western Waste and Dallas-based USA Waste are expected to approve the deal, in which Western shareholders get 1.5 shares of USA Waste stock for each of their shares, at meetings in Dallas on May 7. The deal's value has grown by more than $200 million because both companies' stock prices have increased significantly. Western Waste stock closed at $40 a share, up $1.12, on May 1. It was trading at $25.75 when the deal was announced. USA Waste's stock closed May 1 at $26.87 a share, up 87 cents. It was trading at $17.87 in December. Meanwhile, Leslie Bittenson, new chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Western Waste, told the Business Journal that the company is not being investigated in the wake of a controversy surrounding allegations that a former Compton City Councilwoman said Western Waste bribed her. A court document filed by the U.S. Attorney's office in a federal extortion case against ex-Councilwoman Patricia Moore contained an allegation that Moore confessed to the FBI that she received monthly payments from Western Waste. Moore's attorney has stated that Moore never made such a confession A Confession is a short work on questions of religion by Leo Tolstoy. It was first distributed in Russia in 1882. Consisting of autobiographical notes on the development of the author's belief, A Confession , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. news accounts. Rich Widrig, Western Waste spokesman, said the company has conducted an internal investigation and found the company was not involved. Bittenson said one employee was interviewed by the FBI several months ago. The employee has not been contacted since then, he added. Meanwhile, Bittenson said that the bribery allegation has been brought up in recent discussions Western has had with Ventura County officials. Western may become a major trash hauler in Ventura County and local government officials there have expressed concern about the bribery allegation. Buying control of GI Western Waste has recently made a deal to acquire a majority interest in GI Industries, which has exclusive contracts to pick up trash in Thousand Oaks Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. , Moorpark, Simi Valley Simi Valley (sē`mē, sĭm`ē), city (1990 pop. 100,217), Ventura co., SW Calif. in an oil, fruit, and farm region; laid out 1887, inc. 1969. and unincorporated areas of Ventura County. That deal hinges on the approval of a reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. for G1 Industries, which is in Chapter 11 bankruptcy. On April 22, U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. Judge Robin Riblet rib·let n. 1. A cut of meat from a rib end of veal or lamb. 2. One of a series of microscopic grooves, each a few thousandths of an inch wide, inscribed on the surface of an adhesive-backed tape and used on airplanes and boat she would allow Western Waste to buy GI Industries, based in Simi Valley, as long as city and county officials agree. Craig Phillips, senior program administrator for the solid waste department of Ventura County, said he plans to get information about 'the allegation "in writing" from Western Waste and will contact the FBI before recommending whether to accept the firm as a contractor. Phillips said it was important for county officials to get more information about the allegation because "you want people who are not only competent, but that you can trust, I would think." |
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