SEC Info℠ | Home | Search | My Interests | Help | Sign In | Please Sign In | ||||||||||||||||||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/11/22 US Ecology, Inc. PREM14A 3/11/22 2:5.3M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: PREM14A Preliminary Proxy Statement - Merger or HTML 1.19M Acquisition 2: EX-FILING FEES Filing Fees HTML 9K
tm227737-2_defm14a - none - 29.8594648s |
| TIME | | | Mountain Time on , 2022 | |
| PLACE | | | Virtual | |
| IMPORTANT NOTICE REGARDING MEETING LOCATION AND ATTENDANCE | | | The Special Meeting of Stockholders will be conducted solely virtually, on the above date and time, via live audio webcast, and you or your proxyholder may participate, vote and examine our list of stockholders entitled to vote at the meeting at the virtual Special Meeting by visiting www.virtualshareholdermeeting.com/ECOL2022SM and using your 16-digit control number included in the Notice Regarding the Availability of Proxy Materials. Please note you will only be able to participate in the meeting using this website. | |
| PURPOSE | | |
To vote on three proposals:
Proposal No. 1:
A proposal to adopt that certain Agreement and Plan of Merger, dated as of February 8, 2022, as may be amended from time to time by and among US Ecology, Inc., Republic Services, Inc., and Bronco Acquisition Corp., which is a wholly-owned subsidiary of Republic Services.
Proposal No. 2:
A proposal to approve, on a non-binding, advisory basis, certain compensation that will or may be paid by US Ecology, Inc., to its named executive officers that is based on or otherwise relates to the merger of Bronco Acquisition Corp. with and into US Ecology, Inc. pursuant to the merger agreement.
Proposal No. 3:
A proposal to adjourn the Special Meeting of Stockholders to a later date or time if necessary, to solicit additional proxies if there are insufficient votes at the time of the Special Meeting to approve Proposal No. 1.
|
|
| RECORD DATE | | | You are entitled to vote if you were a stockholder at the close of business on , 2022. A list of stockholders entitled to vote at the meeting will be available for inspection at the Company’s principal office at 101 S. Capitol Blvd., Suite 1000, Boise, Idaho 83702 for a period of 10 days prior to the Special Meeting of Stockholders and will also be available for inspection at the meeting. | |
| VOTING BY PROXY | | | Your vote is important. Whether or not you are able to attend the Special Meeting of Stockholders in person (virtually), it is important that your shares be represented. We have provided instructions on each of the alternative voting methods in the accompanying Proxy Statement. Please submit a proxy to vote your shares as soon as possible. | |
| | |
Page
|
| |||
| | | | i | | | |
SUMMARY | | | | | 1 | | |
| | | | 11 | | | |
| | | | 16 | | | |
| | | | 18 | | | |
| | | | 29 | | | |
| | | | 70 | | | |
| | | | 83 | | | |
| | | | 84 | | | |
| | | | 85 | | | |
| | | | 85 | | | |
| | | | 87 | | | |
| | | | 88 | | | |
| | | | 92 | | | |
| | | | 94 | | |
| | | | | A-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | | |
| | | | | D-1 | | |
*
|
*
|
*
|
*
|
* |
Selected Comparable Companies
|
| |
Median
|
| |
Average
|
| |
Range
|
| ||||||
Specialty Waste Companies
|
| | | | 8.9x | | | | | | 9.6x | | | |
6.7x – 14.0x
|
|
Solid Waste Companies
|
| | | | 13.9x | | | | | | 15.6x | | | |
13.5x – 19.4x
|
|
| | |
Low
|
| |
High
|
| ||||||
Implied Price per Share of Company Common Stock
|
| | | $ | 27.00 | | | | | $ | 38.50 | | |
Announcement Date
|
| |
Specialty/Solid Waste
|
| |
Acquiror
|
| |
Target
|
|
January 2016 | | | Solid Waste | | |
Waste Connections, Inc.
|
| |
Progressive Waste Solutions Ltd.
|
|
June 2018 | | | Specialty Waste | | |
Hennessy Capital Acquisition
Corp. III |
| |
NRC Group Holdings, LLC
|
|
November 2018 | | | Specialty Waste | | | | |
Ecoserv Industrial Disposal, LLC
|
| |
April 2019 | | | Solid Waste | | |
Waste Management, Inc.
|
| |
Advanced Disposal Services, Inc.
|
|
May 2019 | | | Specialty Waste | | |
Harsco Corporation
|
| |
Clean Earth, Inc.
|
|
June 2019 | | | Specialty Waste | | | | |
NRC Group Holdings Corp.
|
| |
February 2020 | | | Specialty Waste | | |
Harsco Corporation
|
| |
Stericycle Environmental Solutions, Inc.
|
|
June 2020 | | | Solid Waste | | |
GFL Environmental Inc.
|
| |
Waste Management, Inc. / Advanced Disposal Services, Inc. assets
|
|
August 2020 | | | Solid Waste | | |
GFL Environmental Inc.
|
| |
WCA Waste Corporation
|
|
March 2021 | | | Specialty Waste | | |
GFL Environmental Inc.
|
| |
Terrapure Environmental Ltd.
|
|
July 2021 | | | Solid Waste | | |
EQT AB
|
| |
Covanta Holding Corporation
|
|
August 2021 | | | Specialty Waste | | |
Clean Harbors, Inc.
|
| |
HydroChemPSC
|
|
| | |
EV/LTM EBITDA
|
| |||
Average
|
| | | | 10.2x | | |
Median
|
| | | | 10.1x | | |
| | |
Low
|
| |
High
|
| ||||||
Implied Price per Share of Company Common Stock
|
| | | $ | 25.00 | | | | | $ | 34.50 | | |
| | |
Selected Terminal Value
Perpetuity Growth Rates |
| |
Implied Value per Share of
Company Common Stock |
|
Discount Rates of 8.5% – 9.5%
|
| |
2.0% – 3.0%
|
| |
$38.50 – $59.00
|
|
| | |
Selected EV to NTM Adjusted
EBITDA multiple Range |
| |
Implied Value per Share of
Company Common Stock |
|
Present Value of Future Stock Price
|
| |
8.5x – 10.5x
|
| |
$47.50 – $62.00
|
|
Financial Metric
|
| |
Low
|
| |
High
|
| |
Median
|
| |
Mean
|
| ||||||||||||
CY 2021E Adjusted EBITDA
|
| | | | 6.1x | | | | | | 15.4x | | | | | | 9.8x | | | | | | 10.3x | | |
CY 2022E Adjusted EBITDA
|
| | | | 7.2x | | | | | | 14.7x | | | | | | 9.1x | | | | | | 10.0x | | |
CY 2023E Adjusted EBITDA
|
| | | | 7.2x | | | | | | 12.7x | | | | | | 8.6x | | | | | | 9.3x | | |
Financial Metric
|
| |
Selected Multiple Range
|
| |
Implied Per Share Equity
Value Reference Range |
|
CY 2021 Adjusted EBITDA
|
| |
10.0x – 12.0x
|
| |
$26.46 – $36.20
|
|
CY 2022E Adjusted EBITDA
|
| |
8.5x – 10.5x
|
| |
$26.49 – $37.87
|
|
CY 2023E Adjusted EBITDA
|
| |
8.0x – 10.0x
|
| |
$33.92 – $47.75
|
|
Date Announced
|
| |
Target
|
| |
Acquiror
|
|
8/4/2021 | | | HydroChemPSC | | | Clean Harbors, Inc. | |
7/14/2021 | | | Covanta Holding Corporation | | | EQT Partners AB; EQT Infrastructure V | |
3/15/2021 | | | Terrapure Environmental Ltd. (Solid Waste and Environmental Solutions Business) | | | GFL Environmental Inc. | |
2/7/2020 | | | Stericycle Environmental Solutions, Inc. (Domestic Environmental Solutions Business) | | | Harsco Corporation | |
5/9/2019 | | | CEHI Acquisition Corporation | | | Harsco Corporation | |
3/1/2018 | | | Newalta Corporation | | | Tervita Corporation | |
1/23/2018 | | | Veolia Environmental Solutions Services North America Corp. (U.S. Industrial Cleaning Services division) | | | Clean Harbors, Inc. | |
Financial Metric
|
| |
Low
|
| |
High
|
| |
Median
|
| |
Mean
|
| ||||||||||||
LTM Adjusted EBITDA*
|
| | | | 9.5x | | | | | | 13.2x | | | | | | 10.8x | | | | | | 11.1x | | |
Financial Metric
|
| |
Selected Multiple Range
|
| |
Implied Per Share Equity
Value Reference Range |
|
LTM Adjusted EBITDA
|
| |
10.5x – 12.5x
|
| |
$28.79 – $38.51
|
|
($ in millions)
|
| |
2022
|
| |
2023
|
| |
2024
|
| |
2025
|
| |
2026
|
| |||||||||||||||
Revenue
|
| | | | 1,040 | | | | | | 1,123 | | | | | | 1,224 | | | | | | 1,297 | | | | | | 1,373 | | |
Adjusted EBITDA(1)
|
| | | | 181 | | | | | | 224 | | | | | | 268 | | | | | | 294 | | | | | | 320 | | |
Adjusted EBITDA (excluding SBC and ROI)(2)
|
| | | | 174 | | | | | | 214 | | | | | | 252 | | | | | | 274 | | | | | | 299 | | |
Unlevered Cash Flows(3)
|
| | | | 66 | | | | | | 77 | | | | | | 104 | | | | | | 135 | | | | | | 167 | | |
Unlevered Free Cash Flows (Enterprise)(4)
|
| | | | 62 | | | | | | 87 | | | | | | 114 | | | | | | 118 | | | | | | 151 | | |
Unlevered Free Cash Flows (ROI)(5)
|
| | | | 0 | | | | | | (15) | | | | | | (17) | | | | | | 9 | | | | | | 9 | | |
CapEx(6) | | | | | 97 | | | | | | 93 | | | | | | 91 | | | | | | 82 | | | | | | 75 | | |
Executive Officer(2)
|
| |
Cash(3)
|
| |
Equity(4)
|
| |
Perquisites/
Benefits(5) |
| |
Total
|
| ||||||||||||
Jeffrey R. Feeler
President and Chief Executive Officer |
| | | $ | 4,171,875 | | | | | $ | 5,705,406 | | | | | $ | 237,347 | | | | | $ | 10,114,628 | | |
Simon G. Bell
Executive Vice President and Chief Operating Officer |
| | | $ | 1,951,125 | | | | | $ | 1,949,458 | | | | | $ | 71,577 | | | | | $ | 3,972,160 | | |
Eric L. Gerratt
Executive Vice President, Chief Financial Officer and Treasurer |
| | | $ | 1,823,250 | | | | | $ | 1,888,234 | | | | | $ | 73,043 | | | | | $ | 3,784,527 | | |
Steven D. Welling
Executive Vice President of Sales and Marketing |
| | | $ | 1,823,250 | | | | | $ | 1,897,802 | | | | | $ | 77,600 | | | | | $ | 3,798,652 | | |
Andrew P. Marshall
Executive Vice President of Regulatory Compliance & Safety |
| | | $ | 1,373,625 | | | | | $ | 1,132,926 | | | | | $ | 69,176 | | | | | $ | 2,575,727 | | |
Non-Employee Directors(6) | | | | | | | | | | | | | | | | | | | | | | | | | |
Richard Burke
|
| | | | — | | | | | $ | 112,500 | | | | | | — | | | | | $ | 112,500 | | |
E. Renae Conley
|
| | | | — | | | | | $ | 112,500 | | | | | | — | | | | | $ | 112,500 | | |
Katina Dorton
|
| | | | — | | | | | $ | 112,500 | | | | | | — | | | | | $ | 112,500 | | |
Glenn A. Eisenberg
|
| | | | — | | | | | $ | 112,500 | | | | | | — | | | | | $ | 112,500 | | |
Daniel Fox
|
| | | | — | | | | | $ | 112,500 | | | | | | — | | | | | $ | 112,500 | | |
Mack L. Hogans
|
| | | | — | | | | | $ | 112,500 | | | | | | — | | | | | $ | 112,500 | | |
Ronald C. Keating
|
| | | | — | | | | | $ | 112,500 | | | | | | — | | | | | $ | 112,500 | | |
John T. Sahlberg
|
| | | | — | | | | | $ | 112,500 | | | | | | — | | | | | $ | 112,500 | | |
Melanie Steiner
|
| | | | — | | | | | $ | 112,500 | | | | | | — | | | | | $ | 112,500 | | |
Quarter
|
| |
Market Price
|
| |||||||||
|
High
|
| |
Low
|
| ||||||||
First Quarter 2020
|
| | | $ | 58.36 | | | | | $ | 24.94 | | |
Second Quarter 2020
|
| | | $ | 39.31 | | | | | $ | 26.69 | | |
Third Quarter 2020
|
| | | $ | 39.17 | | | | | $ | 29.89 | | |
Fourth Quarter 2020
|
| | | $ | 37.32 | | | | | $ | 29.89 | | |
First Quarter 2021
|
| | | $ | 45.72 | | | | | $ | 32.53 | | |
Second Quarter 2021
|
| | | $ | 43.87 | | | | | $ | 36.56 | | |
Third Quarter 2021
|
| | | $ | 38.28 | | | | | $ | 32.21 | | |
Fourth Quarter 2021
|
| | | $ | 36.70 | | | | | $ | 28.91 | | |
First Quarter 2022 as of February 8, 2022(1)
|
| | | $ | 32.63 | | | | | $ | 26.26 | | |
Directors
|
| |
Shares Owned
|
| |
Right to Acquire (Exercisable within
60 days of March 9, 2022) |
| |
Total
|
| |
Percent
of Class |
| ||||||||||||
Directors | | | | | | | | | | | | | | | | | | | | | | | | | |
Richard Burke
|
| | | | 2,900 | | | | | | 10,800 | | | | | | 13,700 | | | | | | * | | |
E. Renae Conley
|
| | | | 8,650 | | | | | | — | | | | | | 8,650 | | | | | | * | | |
Katina Dorton
|
| | | | 13,500 | | | | | | — | | | | | | 13,500 | | | | | | * | | |
Glenn A. Eisenberg
|
| | | | 9,000 | | | | | | — | | | | | | 9,000 | | | | | | * | | |
| | | | 121,927 | | | | | | 98,432 | | | | | | 220,359 | | | | | | * | | | |
Daniel Fox
|
| | | | 14,440 | | | | | | — | | | | | | 14,440 | | | | | | * | | |
Mack L. Hogans
|
| | | | 3,800 | | | | | | — | | | | | | 3,800 | | | | | | * | | |
Ronald C. Keating
|
| | | | 9,800 | | | | | | — | | | | | | 9,800 | | | | | | * | | |
John T. Sahlberg
|
| | | | 14,306 | | | | | | — | | | | | | 14,306 | | | | | | * | | |
Melanie Steiner
|
| | | | 7,100 | | | | | | — | | | | | | 7,100 | | | | | | * | | |
Executive Officers | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | 121,927 | | | | | | 98,432 | | | | | | 220,359 | | | | | | * | | | |
Simon G. Bell
|
| | | | 59,335 | | | | | | 47,601 | | | | | | 106,936 | | | | | | * | | |
Steven. D. Welling
|
| | | | 47,533 | | | | | | 47,734 | | | | | | 95,267 | | | | | | * | | |
Eric L. Gerratt
|
| | | | 45,547 | | | | | | 46,934 | | | | | | 92,481 | | | | | | * | | |
Andrew P. Marshall
|
| | | | 25,544 | | | | | | 29,327 | | | | | | 54,871 | | | | | | * | | |
All directors and executive officers as a group
|
| | | | 383,382 | | | | | | 280,828 | | | | | | 664,210 | | | | | | | | |
Name and Address of Beneficial Owner
|
| |
Number of Shares
Beneficially Owned |
| |
Percent
of Class |
| ||||||
| | | | 5,000,774 | | | | | | 15.9% | | | |
| | | | 2,060,731 | | | | | | 6.59% | | | |
| | | | 2,023,122 | | | | | | 6.42% | | | |
| | | | 1,989,914 | | | | | | 6.31% | | | |
| | | | 1,834,267 | | | | | | 5.82% | | |
| | | | | A-1 | | | |
| | | | | A-1 | | | |
| | | | | A-1 | | | |
| | | | | A-1 | | | |
| | | | | A-2 | | | |
| | | | | A-2 | | | |
| | | | | A-2 | | | |
| | | | | A-2 | | | |
| | | | | A-2 | | | |
| | | | | A-3 | | | |
| | | | | A-4 | | | |
| | | | | A-5 | | | |
| | | | | A-5 | | | |
| | | | | A-5 | | | |
| | | | | A-5 | | | |
| | | | | A-6 | | | |
| | | | | A-7 | | | |
| | | | | A-7 | | | |
| | | | | A-7 | | | |
| | | | | A-9 | | | |
| | | | | A-10 | | | |
| | | | | A-12 | | | |
| | | | | A-12 | | | |
| | | | | A-14 | | | |
| | | | | A-15 | | | |
| | | | | A-15 | | | |
| | | | | A-16 | | | |
| | | | | A-16 | | | |
| | | | | A-16 | | | |
| | | | | A-18 | | | |
| | | | | A-19 | | | |
| | | | | A-20 | | | |
| | | | | A-21 | | | |
| | | | | A-22 | | | |
| | | | | A-22 | | | |
| | | | | A-22 | | | |
| | | | | A-22 | | |
| | | | | A-22 | | | |
| | | | | A-22 | | | |
| | | | | A-22 | | | |
| | | | | A-24 | | | |
| | | | | A-24 | | | |
| | | | | A-24 | | | |
| | | | | A-24 | | | |
| | | | | A-24 | | | |
| | | | | A-24 | | | |
| | | | | A-24 | | | |
| | | | | A-25 | | | |
| | | | | A-25 | | | |
| | | | | A-25 | | | |
| | | | | A-27 | | | |
| | | | | A-28 | | | |
| | | | | A-30 | | | |
| | | | | A-32 | | | |
| | | | | A-33 | | | |
| | | | | A-34 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-37 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-38 | | | |
| | | | | A-39 | | | |
| | | | | A-39 | | | |
| | | | | A-39 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-41 | | | |
| | | | | A-41 | | | |
| | | | | A-41 | | | |
| | | | | A-42 | | | |
| | | | | A-43 | | |
| | | | | A-43 | | | |
| | | | | A-43 | | | |
| | | | | A-43 | | | |
| | | | | A-43 | | | |
| | | | | A-51 | | | |
| | | | | A-52 | | | |
| | | | | A-52 | | | |
| | | | | A-52 | | | |
| | | | | A-52 | | | |
| | | | | A-53 | | | |
| | | | | A-53 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-54 | | | |
| | | | | A-55 | | |
| If to Parent, Merger Sub or, after the Effective Time, the Company or the Surviving Corporation, to: | | |
Republic Services, Inc.
18500 N. Allied Way Phoenix, AZ 85054 Attention: Catharine Ellingsen, Chief Legal Officer Email: CEllingsen@republicservices.com |
|
| with a copy (which will not constitute notice to Parent or Merger Sub) to: | | |
Davis Polk & Wardwell LLP
450 Lexington Avenue New York, New York 10017 |
|
| | | |
Attention: Marc O. Williams
Brian Wolfe |
|
| | | |
Email: marc.williams@davispolk.com
brian.wolfe@davispolk.com |
|
| If to the Company, prior to the Effective Time, to: | | |
US Ecology, Inc.
101 S. Capitol Blvd., Suite 1000 Boise, Idaho 83702 Attention: Wayne Ipsen, General Counsel Email: wayne.ipsen@usecology.com |
|
| with a copy (which will not constitute notice to the Company) to: | | |
Dechert LLP
Cira Centre 2929 Arch Street Philadelphia, PA 19104 |
|
| | | |
Attention: Stephen Leitzell
Michael Darby |
|
| | | |
Email: stephen.leitzell@dechert.com;
michael.darby@dechert.com |
|
|
|
| | |
This ‘PREM14A’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/31/24 | ||||
12/31/23 | ||||
8/8/23 | ||||
3/31/23 | ||||
2/8/23 | ||||
12/31/22 | ||||
6/30/22 | ||||
5/25/22 | ||||
5/23/22 | ||||
5/22/22 | ||||
Filed on / For Period end: | 3/11/22 | |||
3/10/22 | ||||
3/9/22 | ||||
2/28/22 | 10-K | |||
2/24/22 | ||||
2/9/22 | DEFA14A | |||
2/8/22 | 8-K | |||
2/7/22 | ||||
2/6/22 | ||||
2/5/22 | ||||
2/4/22 | SC 13G | |||
2/3/22 | ||||
2/1/22 | ||||
1/31/22 | ||||
1/30/22 | ||||
1/27/22 | SC 13G/A | |||
1/26/22 | 4/A, SC 13G/A | |||
1/25/22 | ||||
1/21/22 | ||||
1/18/22 | 4 | |||
1/17/22 | ||||
1/14/22 | 4, 4/A | |||
1/13/22 | ||||
1/11/22 | ||||
1/10/22 | ||||
1/8/22 | ||||
1/7/22 | ||||
1/6/22 | ||||
1/5/22 | 4 | |||
12/31/21 | 10-K, 10-K/A | |||
12/23/21 | ||||
12/22/21 | ||||
12/21/21 | ||||
12/20/21 | ||||
12/17/21 | ||||
12/15/21 | ||||
12/14/21 | ||||
12/11/21 | ||||
12/10/21 | ||||
12/9/21 | ||||
12/8/21 | ||||
12/3/21 | ||||
12/2/21 | ||||
12/1/21 | ||||
11/30/21 | ||||
11/29/21 | ||||
11/23/21 | ||||
11/19/21 | ||||
11/16/21 | ||||
11/15/21 | ||||
11/11/21 | 8-K | |||
11/10/21 | 8-K | |||
11/3/21 | ||||
10/26/21 | ||||
10/23/21 | ||||
10/22/21 | ||||
10/7/21 | ||||
9/30/21 | 10-Q | |||
9/13/21 | ||||
9/7/21 | ||||
8/31/21 | ||||
8/16/21 | ||||
7/23/21 | ||||
6/30/21 | 10-Q | |||
5/25/21 | 8-K, DEF 14A, PRE 14A | |||
4/13/21 | DEF 14A, DEFA14A | |||
3/31/21 | 10-Q, PRE 14A | |||
3/9/21 | ||||
2/24/21 | ||||
1/15/21 | 8-K | |||
1/14/21 | ||||
1/1/21 | ||||
12/31/20 | 10-K | |||
12/14/20 | ||||
12/11/20 | ||||
8/24/20 | ||||
3/13/20 | 4 | |||
3/11/20 | 4 | |||
11/1/19 | 3, 4, 8-A12B, 8-K, CERT, S-8 | |||
1/1/19 | ||||
4/18/17 | ||||
List all Filings |