Stericycle (SRCL) said Monday that it has entered into an agreement with the U.S. Department of Justice and the States of Missouri and Nebraska providing clearance, which would would allow the company to acquire MedServe, Inc. The company expects to close the transaction during fourth quarter, as announced earlier.
Lake Forest, Illinois-based Stericycle and Houston, Texas-based MedServe, in a related development agreed to reduce merger consideration payable by Stericycle to Medserv by $2.50 million to $182.50 million from $185.00 million. The reduction in transaction consideration is subject to further reduction of MedServe's expenses in connection with the transaction, and other related expenses.
According to the agreement entered with DOJ and States, Stericycle must divest certain assets which Stericycle will acquire from MedServe consisting of an autoclave treatment facility in Newton, Kansas, four transfer stations in Kansas, Oklahoma, Nebraska and Missouri and certain large customer accounts and associated assets related to these facilities.
The agreement also requires Stericycle notify the United States Department of Justice and the States of Missouri and Nebraska before acquiring any business that is engaged in both the collection and treatment of infectious waste in Kansas, Missouri, Nebraska and Oklahoma for a period of 10 years.
The agreement, which provides Stericycle clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, is reflected in an order filed today by agreement of the parties in the U.S. District Court for the District of Columbia.
The company indicated that MedServe had also joined in the agreement between Stericycle, DOJ and the States of Missouri and Nebraska.
The Hart-Scott-Rodino or HSR Act, Section 7A of the Clayton Act, 15 U.S.C 18a, requires parties of certain mergers and acquisitions to file a notification with the Federal Trade Commission and the Department of Justice Antitrust Division. According to the act, these parties must then wait for a specified time period before consummating these transactions.
While Stericycle is engaged in the management of regulated waste and providing an array of related services, MedServe is engaged in waste management needs of healthcare companies and is held by a team of healthcare and institutional venture capital firms.
Monday, SRCL closed at $54.73, up $0.60 or 1.11% on Nasdaq.
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