GFL Environmental Rejects $22 Billion Private Equity Buyout

GFL Environmental Inc. rejected a $22 billion buyout proposal from a consortium of Wall Street private equity firms on Monday. The board of the North American waste-disposal company concluded a four-month strategic review and determined that the offer of $52 per share was insufficient.

The proposal was led by Blackstone Inc., KKR & Co. Inc., and Energy Capital Partners LLC. The offer represented a 13% premium to the company's stock price as of Monday. GFL directors had requested a price of $58 per share or higher, but the consortium declined to meet that valuation.

GFL Environmental is expected to announce on Tuesday that the strategic review has ended without a sale of the company.