April 26, 2011 / 4:32 PM / 7 years ago

UPDATE 1-Badger Daylighting shareholders reject Clean Harbors' offer

* Clean Harbors says failed to muster required votes

* Clean Harbors says to look at other acquisitions

April 26 (Reuters) - U.S. waste disposal company Clean Harbors Inc said its C$222 million ($232.6 million) offer to buy Canada’s Badger Daylighting did not win enough support from the target company’s shareholders.

Clean Harbors, traditionally a waste management services provider, has been looking to diversify into energy services business through recent attempts to buy Badger [ID:nSGE70P063] and Peak Energy [ID:nL3E7F626L].

Norwell, Massachusetts-based Clean Harbors said on Tuesday the deal to buy Badger did not muster the required 66.66 percent of the votes cast by Badger’s share and option holders.

“With its (Badger’s) shareholders having voted to remain an independent company, we will move on to the next opportunity in what is an active acquisition pipeline,” Clean Harbors Chief Executive Alan McKim said.

Calgary-based Badger has 82 operating centers in Canada and the United States and runs a fleet of 410 hydrovac units, which use water and vacuum technology to blast through dirt and rocks to dig trenches.

Clean Harbors shares edged up to $97.61 in afternoon trade on Tuesday. Shares of Badger were trading about 2 percent lower at C$20.30. ($1 = 0.954 Canadian Dollars) (Reporting by Krishna N Das in Bangalore; Editing by Sriraj Kalluvila)

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