June 28, 2019 - The case was voluntarily dismissed.

May 14, 2019 - An investor, who currently holds shares of Advanced Disposal Services, Inc. (NYSE: ADSW), filed a lawsuit against the takeover of Advanced Disposal Services, Inc. The plaintiff alleges that the defendants breached their fiduciary duties owed to NYSE: ADSW stockholders by agreeing to sell Advanced Disposal Services, Inc. cheaply via an unfair process.

Ponte Vedra, FL based Advanced Disposal Services, Inc. provides non-hazardous solid waste collection, transfer, recycling, and disposal services. On April 15, 2019, Waste Management, Inc. (NYSE: WM) and Advanced Disposal Services, Inc. (NYSE: ADSW) announced that they have entered into an agreement under which a subsidiary of Waste Management will acquire all outstanding shares of Advanced Disposal for $33.15 per share in cash, representing a total enterprise value of $4.9 billion when including approximately $1.9 billion of Advanced Disposal’s net debt. However, plaintiff claims that the proposed consideration NYSE: ADSW shareholders will receive is grossly inadequate and undervalues Advanced Disposal Services, Inc. Indeed, at least one analyst has set the high target price for NYSE: ADSW shares at $35.00 per share.

In addition, the plaintiff alleges that the process is also unfair NYSE: ADSW stockholders. Indeed, in connection with the takeover agreement, Canada Pension Plan Investment Board, which owns approximately 19% of Advanced Disposal’s outstanding shares, has, under the terms of a voting agreement, already agreed to vote its shares in favor of the transaction. Shares of Advanced Disposal Services, Inc. (NYSE: ADSW) closed on May 23, 2019 at $32.18 per share.