Stericycle Shares Hit Two-Year High on Waste Management Deal
By Dean Seal
Shares of Stericycle hit a two-year high after the medical-waste-disposal company agreed to be acquired by Waste Management for $62 a share.
The stock rose 15% to a high of $59.45 in early trading. Shares haven't traded this high since the spring of 2022.
Houston-based Waste Management said Monday morning that it would acquire Stericycle in a $7.2 billion deal that included $1.4 billion in debt.
The Wall Street Journal reported on Sunday that both companies were in talks for a deal that would give Waste Management a deeper foothold in the medical-waste-disposal sector which had seen an upswing in demand during the pandemic.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
June 03, 2024 10:55 ET (14:55 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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