$22 Billion Takeover Offer Fails to Win Over GFL Board
Key Facts
GFL’s board rejected a $22 billion takeover offer, equivalent to $52 a share, after concluding it was inadequate, according to an Investing.com report citing The Globe and Mail. The decision puts the price gap at the center of negotiations that ended on November 9, 2026, with the board pushing for an offer of at least $58 a share. The consortium did not agree to that level, ending the company’s four-month strategic review without a sale. The consortium included Blackstone, KKR and Energy Capital Partners. The offer represented a 13% premium to GFL’s share price in Monday’s session on November 9, according to the report.
GFL shares closed at $45.88 on November 9, according to EL7 data, compared with the offer price of $52 a share. That close is the daily price confirmed by the available data, while no documented range for the share’s movement during the session is available. The report calculated the 13% offer premium against the share price that day. The comparison between the offer and the close shows that the consortium proposed a price above the trading level, while the board viewed the offer as below its requested threshold. The difference between $52 and $58 or more is the stated point of disagreement between the two sides, with the report giving no indication that the consortium agreed to the board’s request.
The takeover review came as GFL reported third-quarter results and raised its 2026 annual guidance for the third time this year. The company said organic revenue grew 7.4% in the third quarter, while revenue, adjusted earnings and adjusted free cash flow exceeded expectations. It also said its core adjusted earnings margin expanded by 115 basis points after excluding the effects of acquisitions and diesel prices. Revenue was C$2,155.3 million, compared with C$1,694.2 million in the third quarter of 2025. Adjusted EBITDA rose 26.8% to C$678.7 million from C$535.1 million a year earlier, while the margin was 31.5%, compared with 31.6%.
The company raised its 2026 revenue estimate to a range of C$8,055 million to C$8,075 million, compared with previous guidance of C$7,510 million to C$7,530 million. GFL expects revenue and adjusted earnings growth in the low-to-mid twenties, alongside adjusted free cash flow growth of more than 30%. It said acquisitions completed since the start of the year generate about C$2 billion in annual revenue, alongside the organic growth it recorded in the third quarter. These operating indicators provide context for the review’s conclusion, but do not change the reported outcome of the negotiations: the consortium did not accept the board’s requested price threshold. In its official statement, GFL said the special committee set November 9 as the deadline for updated offers, after which it would determine next steps.
In a development related to the company’s governance, GFL announced that Joseph Lentz would join its board as a nominee of Secure, bringing the board’s membership to nine. The appointment comes after a review ended without a sale, with the consortium’s offer remaining below the price level sought by the board. On ownership, The Globe and Mail reported that GFL intends to allow its shareholder BC Partners to sell a substantial portion of its 22% stake to outside investors. The report did not specify a sale timetable or the number of shares that would actually be offered. The reported stake sale remains a subsequent step related to ownership arrangements, while the announced strategic review concluded with the offer rejected and no deal reached.