Republic, Waste Management continue takeover fight

BOSTON (Reuters) - U.S. trash hauler Republic Services Inc (RSG.N) said on Thursday that larger rival Waste Management Inc (WMI.N) could not buy more than $63.1 million of its shares on the open market without first receiving U.S. antitrust approval.

Republic, the nation's No. 3 waste company, last week brushed off an offer by No. 1 Waste Management to buy the company for $34 a share, or about $6.19 billion.

Rather, Republic's board wants to stay independent and go through with a plan to acquire larger rival Allied Waste Industries Inc AW.N, the No. 2 U.S. waste company.

Waste Management said earlier on Thursday it had filed papers seeking federal approval of its proposed takeover of Republic, which has a $5.94 billion market capitalization.

"While Republic is aware of our fiduciary duties and will respond to Waste's antitrust notices as appropriate, Republic will continue to guard against opportunistic attempts to disrupt our strategic plans," Fort Lauderdale, Florida-based Republic said in a statement.

(Reporting by Scott Malone; Editing by Andre Grenon)