July 21, 2008: In a stinging letter Friday, garbage hauler Republic Services rejected an unsolicited $6.19 billion cash offer from larger rival Waste Management, saying the proposal "seriously undervalues" its company.

Republic, the nation's third-largest waste collector, instead wants to stick with its own deal announced last month to buy No. 2 Allied Waste Industries Inc. The all-stock agreement was worth about $6.07 billion at the time.

"Republic is not for sale," James O'Connor, the company's chairman and CEO, wrote to David Steiner, CEO of Houston-based Waste Management, in a letter dated July 18.

Read the full article from the Associated Press.