GFL Environmental says its special committee reviewed unsolicited proposals and determined the offers were not in the company’s best interests.
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GFL Environmental Inc. says it will remain an independent public company after reviewing unsolicited proposals that would have taken it private.
In a statement, the company said its special committee of independent directors concluded the offers received were not in the best interests of the company.
Dino Chiesa, chair of the special committee, said the offers were based on a premium to where GFL shares were trading, but did not reflect the full value of the company’s stand-alone strategy.
Chiesa said the board is unanimous in its view that GFL’s stand-alone growth plans offer shareholders superior risk-adjusted returns.
GFL provides solid waste management services across Canada and in 19 U.S. states.
The company’s shares closed at $64.81 on the Toronto Stock Exchange on Monday.
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