Chemlawn Corp. agreed to merge with Ecolab Inc.

The agreement calls for St. Paul, Minn.-based Ecolab to buy all outstanding Chemlawn shares for $36.50 in cash each, said Steve Hardymon, manager of legislative affairs for Chemlawn. The total deal is worth $370 million, Hardymon said. Chemlawn has been the target of a two-week-long takeover effort by Waste Management Inc. The lawn-service company, based in Columbus, Ohio, had asked the federal court in Columbus for a preliminary injunction against Waste Management's original offer.

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