Laidlaw Ups Ante for Safety-Kleen

Laidlaw Environmental Services Inc. sweetened its hostile bid for Safety-Kleen Corp. to $2.14 billion, or $30 a share, in cash, stock and assumed debt. The offer came just hours after Safety-Kleen, based in Elgin, Ill., agreed to be bought by Canada’s Philip Services Corp., New York investment fund Apollo Associates Inc. and Blackstone Management Associates for $1.9 billion in cash and assumed debt. Investors had expected South Carolina-based Laidlaw to come back with a better offer after its $25.85-a-share bid was rebuffed earlier this month by Safety-Kleen. Safety-Kleen specializes in providing equipment and solvents for cleaning industrial parts. Safety-Kleen’s shares rose $1.31 to close at $27.38, and Laidlaw fell 13 cents to close at $4.75. Both trade on the New York Stock Exchange.