Canada’s GFL Environmental Inc. has set November 9 as the deadline for final takeover bids, entering the final evaluation stage. CEO Patrick Dovigi stated that sophisticated third parties are examining the business, noting that assets of this scale have scarcity value. KKR & Co., Energy Capital Partners, and Blackstone Inc. are bidding together, while Brookfield Asset Management Ltd. and IFM Investors have formed a rival consortium. The company, valued at C$26.8 billion ($19.1 billion), has completed due diligence and awaits buyer-investor agreement on terms.
Dovigi indicated management and shareholders need to align on pricing, with some investors believing shares are worth 'well into the $60s' versus the current $44.47 trading price. He expressed comfort with either outcome, noting privatization could offer greater operational flexibility, though public markets enabled recent acquisitions like Secure Waste Infrastructure Corp.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing