.jpg)
1 hour ago
3
Article content
(Bloomberg) — GFL Environmental Inc. and Secure Waste Infrastructure Corp. received shareholder approval for their planned merger, overcoming opposition from investor Abrams Capital Management, according to people familiar with the vote.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Roughly 80% of those eligible cast ballots ahead of Wednesday’s special meeting, the people said. About 140 million shares were voted in favor and roughly 35 million against. The people asked not to be identified because the final tally has not yet been publicly released.
Article content
Article content
Article content
The result clears a major hurdle for the C$6.4 billion ($4.6 billion) acquisition, which would further expand GFL’s footprint in Western Canada and combine two large waste-management and infrastructure businesses.
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
Abrams, which owns about 22 million Secure shares, had urged investors to reject the deal, arguing that the Calgary-based company had stronger long-term potential as a standalone business.
Article content
The campaign was dealt a setback after two influential proxy advisory firms — Institutional Shareholder Services and Glass Lewis — sided with management by recommending shareholders approve the merger.
Article content
ISS said there was “insufficient evidence to conclude the valuation is not credible,” despite the absence of a formal auction process. Glass Lewis similarly concluded the offer appeared close to Secure’s “fully marketed control value” under current market conditions.
Article content
Under the agreement announced in April, Secure shareholders can elect to receive C$24.75 a share in cash, 0.4195 of a GFL subordinate voting share, or a mix of cash and stock, subject to proration. Secure investors are expected to own about 16% of the combined company once the transaction closes.
Article content
GFL has said the acquisition will strengthen its infrastructure network across Western Canada while improving scale and free-cash-flow generation. It still requires regulatory approvals before it can be completed.
Article content
English (US)