SAN FRANCISCO (Thomson Financial) - Allied Waste Industries Inc. said Friday it was pleased with the decision by Republic Services Inc.'s board to reject Waste Management's buyout offer in favor of the merger agreement in place between Republic and Allied. "Allied and Republic share a common vision and our combined resources will create a formidable competitor to Waste Management in the waste and environmental services industry," Allied Waste said in a statement. "Together, we will have a strong national footprint, a higher revenue growth profile and significantly higher operating margins than Waste Management." Allied Waste expects its proposed tie-up with Republic Services to achieve regulatory clearance within 45 to 60 days. The companies expect to complete the merger by the fourth quarter. Shares of Allied Waste rose 9 cents to $11.91, while Republic Services shares fell 3 cents to $32.47. Gabriel Madway gm COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.