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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 6, 1998 (April 3, 1998)
Laidlaw Environmental Services, Inc.
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(Exact name of Company as specified in its charter)
Delaware 1-8368 51-0228924
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(State or other (Commission (IRS Employer
jurisdiction File Number) Identification
of incorporation) Number)
1301 Gervais Street, Suite 300, Columbia, South Carolina 29201
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (803) 933-4200
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ITEM 5. OTHER EVENTS
In a press release, on April 3, 1998 Laidlaw Environmental Services, Inc.
("LESI") (NYSE:LLE) announced that it had consummated the exchange offer to
Safety-Kleen Corp. ("SK") (NYSE:SK) shareholders who tendered their shares prior
to the offer expiration on March 31, 1998. The full text of the announcement is
reproduced below.
FOR IMMEDIATE RELEASE
Contact: Kenneth W. Winger
President and Chief Executive Officer
Paul R. Humphreys
Senior Vice President, Finance and Chief Financial Officer
(803) 933-4210
LAIDLAW ENVIRONMENTAL CONSUMMATES SAFETY-KLEEN TENDER OFFER
COLUMBIA, SC (April 3, 1998) -- Laidlaw Environmental Services, Inc. (NYSE: LLE)
today announced that it has consummated the exchange offer to Safety-Kleen Corp.
(NYSE: SK) shareholders who tendered their shares prior to the offer's
expiration on March 31, 1998.
Upon closing of the exchange offer, LLE acquired approximately 49.9 million
shares of Safety-Kleen, representing 83.4% of Safety-Kleen's outstanding common
shares. In accordance with the exchange offer, each share of Safety-Kleen stock
was exchanged for 2.8 shares of Laidlaw Environmental Common Stock plus $18.30
in cash. The exchange resulted in the issuance of 139.5 million shares of
Laidlaw Environmental Common Stock. The LLE shares and cash will be promptly
conveyed to the SK shareholders who tendered their shares.
Laidlaw Environmental stated that it intends on Tuesday, April 7, to
acquire, for the same consideration, an additional 10.6% of Safety-Kleen's
outstanding shares which were tendered by guarantees. This would result in the
issuance of an additional 17.7 million shares of Laidlaw Environmental.
The remaining shareholders will receive the same compensation for their
shares as a result of a merger which will follow a special shareholders meeting
in early May. Mr. Kenneth W. Winger, President and Chief Executive Officer,
stated, "We are very pleased to have closed the tender with such a high level of
support from the Safety-Kleen shareholders. We look forward to completing the
"back-end" merger within the next 4-6 weeks."
Laidlaw Environmental Services, Inc. is headquartered in Columbia, South
Carolina and supplies hazardous and industrial waste management services to
industry and government across North America. The Company provides customers
with local service from more than 100 locations in the United States and Canada.
Safety-Kleen is a leading environmental and industrial service company
dedicated to helping nearly 400,000 industrial and automotive customers recycle
and process their waste streams.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LAIDLAW ENVIRONMENTAL SERVICES, INC.
Date: April 6, 1998 By: /s/ Kenneth W. Winger
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Kenneth W. Winger, President
and Chief Executive Officer
