Index Implications of the Merger Between Progressive Waste Solutions Ltd. and Waste Connections, Inc.
TORONTO, May 27, 2016 /CNW/ - S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The merger between Progressive Waste Solutions Ltd. (TSX and NYSE:BIN) and Waste Connections, Inc. (NYSE:WCN) has been completed. Progressive Waste Solutions will take on the Waste Connections name and change its TSX trading symbol to WCN. The shares of Progressive Waste Solutions will be consolidated on a 0.4815-for-1 basis and each share of old Waste Connections will be exchanged for one share of the newly merged entity. To reflect the issuance of Progressive Waste Solutions Ltd. shares as part of the merger transaction, the Relative Weight of Progressive Waste will increase in the S&P/TSX Composite and Capped Composite, the S&P/TSX Completion, the S&P/TSX Composite Dividend and the S&P/TSX Capped Industrials Indices. There will be no change to the relative weight of Progressive Waste in the S&P/TSX Composite Equal Weight, the S&P/TSX Equal Weight Industrials or the S&P/TSX Composite Buyback Indices. These changes will be effective after the close of trading on Tuesday, May 31, 2016.
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For further information: Tony North, Director, Canadian Index Operations, S&P Dow Jones Indices, (+) 416 507 3204, [email protected]; David Blitzer, Managing Director and Chairman of the Index Committee, S&P Dow Jones Indices, (+) 212 438 3907, [email protected]