UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
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Soliciting Material Pursuant to 240.14a-12
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Advanced Disposal Services, Inc.
(Exact name of registrant as specified in its charter)
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Advanced Disposal Services, Inc. issued the below press release on May 7, 2019:
ADVANCED DISPOSAL POSTPONES 2019 ANNUAL MEETING OF STOCKHOLDERS
PONTE VEDRA,
Fla., May 7, 2019 /PRNewswire/ –
The Board of Directors of Advanced Disposal Services, Inc. (NYSE: ADSW) (d/b/a Advanced Disposal) has postponed the 2019
Annual Meeting of Stockholders given Advanced Disposal’s proposed merger with a subsidiary of Waste Management, Inc. (“Waste Management”), which was previously announced through a joint press release issued with Waste Management on April 15, 2019.
The 2019 Annual Meeting of Stockholders was scheduled to be held on May 22, 2019.
About Advanced Disposal
Advanced Disposal (NYSE: ADSW) brings fresh ideas and solutions to the business of a clean environment. We
provide integrated, non-hazardous solid waste collection, recycling and disposal services to residential, commercial, industrial and construction customers across 16 states and the Bahamas. Our team is dedicated to finding effective, sustainable
solutions to preserve the environment for future generations. We welcome you to learn more at AdvancedDisposal.com or follow us on Facebook.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the U.S. federal securities
laws. All statements other than statements of historical facts in this document, including, without limitation, those regarding our business strategy, financial position, results of operations, plans, prospects and objectives of management for
future operations (including development plans and objectives relating to our activities), are forward-looking statements. Many, but not all, of these statements can be found by looking for words like “expect,” “anticipate,” “goal,” “project,”
“plan,” “believe,” “seek,” “will,” “may,” “forecast,” “estimate,” “intend,” “future” and similar words. Statements that address activities, events or developments that we intend, expect or believe may occur in the future are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934, as amended and are subject to safe harbor created by those sections. Forward-looking statements do not
guarantee future performance and may involve risks, uncertainties and other factors which could cause our actual results, performance or achievements to differ materially from the future results, performance or achievements expressed or implied in
those forward-looking statements.
There are a number of risks, uncertainties and other important factors, many of which are beyond our control,
which could cause actual results to differ materially from the forward-looking statements contained in this press release. Such risks, uncertainties and factors include those set forth under the heading Risk Factors in our most recent Annual Report
on Form 10-K and any subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (“SEC”).
Examples of these risks, uncertainties and other factors include, but are not limited to:
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our ability to achieve future profitability will depend on us executing our strategy and controlling
costs;
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future results may be impacted by the expiration of net operating losses (NOLs);
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our tax position may be affected by recent changes in U.S. tax law;
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Operating in a highly competitive industry and the inability to compete effectively with larger and better
capitalized companies and governmental service providers;
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our results are vulnerable to economic conditions;
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we may lose contracts through competitive bidding, early termination or governmental action;
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some of our customers, including governmental entities, have suffered financial difficulties affecting their credit
risk, which could negatively impact our operating results;
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our financial and operating performance may be affected by the inability, in some instances, to renew or expand
existing landfill permits or acquire new landfills. Further, the cost of operation and/or future construction of our existing landfills may become economically unfeasible causing us to abandon or cease operations;
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we could be precluded from maintaining permits or entering into certain contracts if we are unable to obtain
sufficient third-party financial assurance or adequate insurance coverage;
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our accruals for our landfill site closure, post-closure and contamination related costs may be inadequate;
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our cash flow may not be sufficient to finance our high level of capital expenditures;
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our acquisitions, including our ability to integrate acquired businesses, or that acquired businesses may have
unexpected risks or liabilities;
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the seasonal nature of our business and “event-driven” waste projects that could cause our results to fluctuate;
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adverse and destructive weather conditions that could result in higher fuel costs, higher labor costs, reduced
municipal contract productivity and higher disposal costs;
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we may be subject in the normal course of business to judicial, administrative or other third-party proceedings that
could interrupt or limit our operations, result in adverse judgments, settlements or fines and create negative publicity;
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fuel supply and prices may fluctuate significantly and we may not be able to pass on cost increases to our customers;
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fluctuations in the prices of commodities may adversely affect our financial condition, results of operations and
cash flows;
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increases in labor and disposal costs and related transportation costs could adversely impact our financial results;
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efforts by labor unions could divert management attention and adversely affect operating results;
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we depend significantly on the services of the members of our senior, regional and local management teams, and the
departure of any of those persons could cause our operating results to suffer;
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we are increasingly dependent on technology in our operations and, if our technology fails, our business could be
adversely affected;
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a cybersecurity incident could negatively impact our business and our relationships with customers;
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operational and safety risks, including the risk of personal injury to employees and others;
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we are subject to substantial governmental regulation and failure to comply with these requirements, as well as
enforcement actions and litigation arising from an actual or perceived breach of such requirements, could subject us to fines, penalties and judgments, and impose limits on our ability to operate and expand;
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our operations being subject to environmental, health and safety laws and regulations, as well as contractual
obligations that may result in significant liabilities;
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future changes in laws or renewed enforcement of laws regulating the flow of solid waste in interstate commerce could
adversely affect our operating results;
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fundamental change in the waste management industry as traditional waste streams are increasingly viewed as renewable
resources and changes in laws and environmental policies may limit the items that enter the waste stream, any of which may adversely impact volumes and tipping fees at our landfills. Alternatives to landfill disposal may cause our revenues
and operating results to decline;
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risks associated with our substantial indebtedness and working capital deficit;
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risks associated with our ability to implement our growth strategy as and when planned; and
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the other risks described in the “Risk Factors” section of our 2018 Annual Report on Form 10-K and any subsequent
Quarterly Reports on Form 10-Q.
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In addition, actual results may vary materially from those expressed or implied by forward-looking statements
based on a number of factors related to the pending acquisition of Advanced Disposal, 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 obtain stockholder approval of the merger agreement, (c) 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 (d) other conditions to the consummation of the merger under the merger agreement may not be satisfied; (2) the effects that any termination of the merger agreement may have on Advanced Disposal
or its business, including the risks that (a) Advanced Disposal’s stock price may decline significantly if the merger is not completed, (b) the merger agreement may be terminated in circumstances requiring Advanced Disposal 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 Advanced Disposal and its business, including the risks that as a result (a) Advanced Disposal’s business, operating results or stock price may
suffer, (b) Advanced Disposal’s current plans and operations may be disrupted, (c) Advanced Disposal’s ability to retain or recruit key employees may be adversely affected, (d) Advanced Disposal’s business relationships (including, customers and
suppliers) may be adversely affected, or (e) Advanced Disposal’s management’s or employees’ attention may be diverted from other important matters; (4) the effect of limitations that the merger agreement places on Advanced Disposal’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 Advanced Disposal and others;
(6) the risk that the merger and related transactions may involve unexpected costs, liabilities or delays; and (7)
other economic, business, competitive, legal, regulatory, and/or tax factors.
The above examples are not exhaustive and new risks may emerge from time to time. Except as required by law,
we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Such forward-looking statements are based on our current beliefs, assumptions, expectations,
estimates and projections regarding our present and future business strategies and the environment in which we will operate in the future. These forward-looking statements speak only as of the date of
this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any
change in our expectations with regard thereto or any change of events, conditions or circumstances on which any such statement was based.