Proxy Firms Back GFL's C$6.4 Billion Secure Waste Deal as Abrams Opposes
Updated
Updated · Bloomberg · May 15
Proxy Firms Back GFL's C$6.4 Billion Secure Waste Deal as Abrams Opposes
1 articles · Updated · Bloomberg · May 15
Institutional Shareholder Services and Glass Lewis urged Secure Waste investors to support GFL Environmental’s takeover, strengthening the buyer ahead of a shareholder vote.
GFL offered C$24.75 a share in cash and stock for the Calgary-based company last month, valuing Secure Waste at about C$6.4 billion including debt.
The endorsements mark a setback for Abrams Capital Management, the activist investor that has been fighting the transaction.
A favorable vote would advance one of the larger waste-sector deals this year and expand GFL’s position in infrastructure and waste services.
Is GFL's acquisition a strategic masterstroke, or a risky gamble on the volatile oil and gas waste sector?
With proxy firms backing the buyout, can an activist investor convince shareholders that Secure Waste is worth much more?
As proxy advisors' influence is challenged, could this deal signal a major power shift between activists and corporate boards?