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Safety-Kleen Accepts Bid From Consortium

Safety-Kleen Corp. said it accepted a $1.94 billion cash buyout offer from a new business consortium, just two weeks after Laidlaw Environmental Services Inc. made a hostile bid for the recycler.

The consortium - Philip Services Corp., Apollo Advisors and Blackstone Management - would have an equal stake in Safety-Kleen if company shareholders approve the offer. It is equal to $27 a share and assumed debt.

The offer tops South Carolina-based Laidlaw’s bid of $14 in cash and 2.4 shares of its stock for each of the 58.3 million outstanding Safety-Kleen shares.

That deal would be worth $1.8 billion with the assumption of the company’s $246 million in debt.