Canadian regulator extends review of Stericycle, WM deal

A Canadian regulator is extending its reviews of the sale of Stericycle to WM, reports Seeking Alpha News.

On Sept. 24, the companies received a request for supplementary information request from the Competition Bureau of Canada, according to an 8-K filing. Self-insured retention (SIR) extends the waiting period applicable to the consummation of the merger under the Canadian Competition Act until 30 days after the company and parent have responded to the information requests in the SIR.

SA News reports that the extended Canadian review comes after Stericycle said earlier this month that the Hart-Scott-Rodino Act (HSR) waiting period for its planned $62-a-share sale to WM expired.

The deal also still needs to be approved under the foreign investment laws of Spain, though Stericycle anticipates completing the transaction as early as Q4, according to the filing. The merger has received antitrust clearance from the National Markets and Competition Commission of Spain.

WM agreed to acquire Stericycle, a regulated medical waste and compliance services provider, for $62 per share in cash in early June.