A consortium including Blackstone, KKR & Co. and Energy Capital Partners made a take-private offer for GFL Environmental Inc. valuing the Canadian waste-disposal company at approximately US$22 billion, or US$52 per share. GFL’s board reportedly rejected the proposal as inadequate and sought at least US$58 per share. The bidders declined to raise their offer.
The rejection concludes GFL’s four-month strategic review, which began after the company received unsolicited interest from multiple parties. GFL is now expected to announce that it will continue as a standalone public company.
As part of the review’s conclusion, GFL will allow major shareholder BC Partners to sell a significant portion of its stake to other investors.