Item 5.07 Submission of Matters to a Vote of Security Holders.
On August 25, 2020, Advanced Disposal Services, Inc. (the "Company" or "Advanced
Disposal") held a special meeting of its stockholders (the "Special Meeting") to
vote on the proposals described in the Company's definitive proxy statement (the
"Proxy Statement") filed with the U.S. Securities and Exchange Commission (the
"SEC") on July 24, 2020. As disclosed in the Proxy Statement, as of the close of
business on July 23, 2020, the record date for the Special Meeting, there were
90,758,187 shares of Advanced Disposal's common stock outstanding and entitled
to vote at the Special Meeting. A total of 69,257,360 shares of Advanced
Disposal's common stock, representing approximately 76.30% of the shares
outstanding and entitled to vote and constituting a quorum, were represented in
person or by valid proxies at the Special Meeting. The final voting results for
each of the proposals submitted to a vote of stockholders at the Special Meeting
are as follows:
Proposal 1: Advanced Disposal's stockholders approved the proposal to adopt the
Agreement and Plan of Merger, dated as of April 14, 2019, as amended by
Amendment No. 1 thereto, dated as of June 24, 2020, as may be further amended
from time to time, (the "Amended Merger Agreement"), by and among Advanced
Disposal, Waste Management, Inc. ("Waste Management"), and Everglades Merger Sub
Inc., pursuant to which Everglades Merger Sub Inc. will merge (the "Merger")
with and into Advanced Disposal, and Advanced Disposal will continue as the
surviving company and an indirect, wholly-owned subsidiary of Waste Management.
Proposal 1 was approved by the votes set forth in the table below:
For Against Abstained
67,303,849 13,324 1,940,187
Proposal 2: Advanced Disposal's stockholders approved the proposal to approve,
on a non-binding advisory basis, specified compensation that may be paid or
become payable to Advanced Disposal's named executive officers in connection
with the Merger and contemplated by the Amended Merger Agreement. Proposal 2 was
approved by the votes set forth in the table below:
For Against Abstained
61,050,005 6,253,996 1,953,359
Proposal 3: In connection with the Special Meeting, Advanced Disposal also
solicited proxies with respect to a proposal to approve one or more adjournments
of the Special Meeting, if necessary or appropriate, to solicit additional
proxies if there are insufficient votes at the time of the Special Meeting to
approve the proposal to adopt the Amended Merger Agreement. Because there were
sufficient votes represented at the time of the Special Meeting to approve the
proposal to adopt the Amended Merger Agreement, the proposal to approve one or
more adjournments of the Special Meeting was moot and was not presented for
approval by the Advanced Disposal's stockholders at the Special Meeting.
Item 8.01 Other Events.
On August 25, 2020, the Company issued a press release announcing the results of
the Special Meeting. A copy of the press release is attached hereto as Exhibit
99.1 and incorporated herein by reference.
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Forward-Looking Statements
This communication contains "forward-looking statements" within the meaning of
the U.S. federal securities laws. Such statements include statements concerning
anticipated future events and expectations that are not historical facts. All
statements other than statements of historical fact are statements that could be
deemed forward-looking statements. Forward-looking statements are typically
identified by words such as "believe," "expect," "anticipate," "intend,"
"target," "estimate," "continue," "positions," "plan," "predict," "project,"
"forecast," "guidance," "goal," "objective," "prospects," "possible" or
"potential," by future conditional verbs such as "assume," "will," "would,"
"should," "could" or "may," or by variations of such words or by similar
expressions or the negative thereof. Actual results may vary materially from
those expressed or implied by forward-looking statements based on a number of
factors, including, without limitation: (1) risks related to the consummation of
the Merger, including the risks that (a) the Merger may not be consummated
within the anticipated time period, or at all, (b) the parties may fail to
secure the termination or expiration of any waiting period applicable under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and (c) other
conditions to the consummation of the Merger under the Amended Merger Agreement
may not be satisfied; (2) the effects that any termination of the Amended Merger
Agreement may have on the Company or its business, including the risks that (a)
the Company's stock price may decline significantly if the Merger is not
completed, (b) the Amended Merger Agreement may be terminated in circumstances
requiring the Company to pay Waste Management a termination fee, or (c) the
circumstances of the termination, including the possible imposition of a
12-month tail period during which the termination fee could be payable upon
certain subsequent transactions, may have a chilling effect on alternatives to
the Merger; (3) the effects that the announcement or pendency of the Merger may
have on the Company and its business, including the risks that as a result (a)
the Company's business, operating results or stock price may suffer, (b) the
Company's current plans and operations may be disrupted, (c) the Company's
ability to retain or recruit key employees may be adversely affected, (d) the
Company's business relationships (including, customers and suppliers) may be
adversely affected, or (e) the Company's management's or employees' attention
may be diverted from other important matters; (4) the effect of limitations that
the Amended Merger Agreement places on the Company's ability to operate its
business, return capital to stockholders or engage in alternative transactions;
(5) the nature, cost and outcome of pending and future litigation and other
legal proceedings, including any such proceedings related to the Merger and
instituted against the Company and others; (6) the risk that the Merger and
related transactions may involve unexpected costs, liabilities or delays; (7)
other economic, business, competitive, legal, regulatory, and/or tax factors,
including the scope and duration of the COVID-19 (coronavirus) pandemic and
actions taken by governmental authorities in response thereto and the
significant market disruption caused by the COVID-19 (coronavirus) pandemic and
its impact on the businesses, operations and financial conditions of the Company
and Waste Management; and (8) other factors described under the heading "Risk
Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the
fiscal year ended December 31, 2019 and the Company's Quarterly Report on Form
10-Q for the quarterly period ended June 30, 2020 as updated or supplemented by
subsequent reports that the Company has filed or files with the U.S. Securities
and Exchange Commission. Potential investors, stockholders and other readers are
cautioned not to place undue reliance on these forward-looking statements, which
speak only as of the date on which they are made. The Company does not assume
any obligation to publicly update any forward-looking statement after it is
made, whether as a result of new information, future events or otherwise, except
as required by law.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. Description
99.1 Press Release, dated August 25, 2020.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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