GFL Environmental Inc. has rejected takeover proposals and will remain a public company, concluding a months-long process that drew interest from major investors. A special committee of independent directors determined the bids did not reflect the company's long-term value. The Blackstone consortium made an offer of $52 per share, valuing GFL at over $22 billion, approximately 13% higher than the Monday closing price of $45.88.
GFL's founder Patrick Dovigi, a billionaire, stated he would have rolled his entire stake into a takeover, though some investors believed shares were worth well into the $60s. Despite rejecting a full takeover, GFL left open the possibility of transactions involving its financial sponsors, including BC Partners. The company's free cash flow per share is projected to double over the next five years, providing flexibility for acquisitions, growth investments, and stock buybacks.
GFL has built a large North American waste-management business through acquisitions and currently holds a market value of about $20 billion.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing