Wunderlich Reiterates Buy Rating for BIN (BIN, WSII)

Analysts with Wunderlich Securities reiterated their Buy rating for IESI-BFC Ltd. (NYSE: BIN), holding their price target at $23. Recently, BIN officially filed for its merger with Waste Services (NASDAQ: WSII). Wunderlich now sees this process as steadily moving forward, with the regulatory approval processes in the U.S. and Canada moving together simultaneously. The company is now awaiting the "final divestiture order" from the Canadian Competition Board and recently received approval from U.S. antitrust authorities. The next and final step in the U.S. regulatory process is for the SEC to sign off on the deal.After this occurs, Waste Services shareholders will vote on the proposed merger, and analysts are looking for a mid-to-late June vote. Despite the delays, however, they say "closing it does not signal any changes in the attractive characteristics of the merger, in our view." They assert that the combined company balance sheet with be able to more effectively support growth in all regions, particularly Florida. According to analysts, the merged company "could double revenues in 3 to 5 years from organic growth and acquisitions."