GFL shares close at $45.88 as takeover bid deadline passes amid strategic review

Key Facts

GFL Environmental shares closed at $45.88 on November 9, 2026, the date the company set as the deadline for interested parties to submit updated offers. The company said in an earlier filing that its special committee would determine next steps after the deadline. In a report carried by Investing.com, citing The Globe and Mail, sources said the company’s board rejected a $22 billion takeover bid. The report attributed the offer to a group led by Blackstone, KKR and Energy Capital Partners. It also said the board sought an offer of at least $58 a share, but the group did not agree. The available official filing did not confirm the review’s outcome or a rejection decision; that part of the development therefore remains attributed to the news report.

The report described the strategic review as having lasted four months and ended without a sale of the company, saying directors reached that conclusion late Monday. The account follows GFL’s announcement that November 9 was the deadline for updated offers and that the special committee would decide what came next after the deadline. According to the news report, the consortium did not reach the level sought by the board, which was $58 a share or more. The stock closed at $45.88 on the November 9 session, according to EL7 data. That puts the closing price below the level the report said the board sought, but does not by itself establish the consortium’s per-share offer, as the report did not include that figure in the available details. The official filing sets out the process for deciding next steps without announcing the committee’s outcome in the available text.

Third-quarter results provide financial context for the company’s position during the review. GFL reported revenue of $2,155.3 million in the third quarter of 2026, up 27.2% year over year, and said core pricing contributed 5.7%. Organic revenue growth was 7.4%, accelerating 100 basis points from the previous quarter. Adjusted EBITDA rose to $678.7 million from $535.1 million in the same period of 2025, while the margin was 31.5% versus 31.6%. Revenue and earnings growth therefore coincided with a slight year-over-year decline in the margin. The figures were reported by the company and do not themselves attribute the board’s request for a higher price or the rejection of the offer cited in the news report to those results.

The results showed a divergence between profitability and cash flow measures in the same quarter. The company recorded a net loss from continuing operations of $28.0 million, compared with net income of $90.4 million in the third quarter of 2025. By contrast, adjusted free cash flow rose to $272.5 million from $180.5 million a year earlier. GFL also raised its 2026 fiscal-year revenue guidance to a range of $8,055–$8,075 million, from a previous range of $7,510–$7,530 million. The guidance and results highlight the scale of activity the company presented in its earnings disclosure, but do not on their own establish the parties’ motivations in the takeover discussions. The available official filing did not state the committee’s outcome after the offers deadline, while the report said the review ended without a sale.

Chief Executive Patrick Dovigi said in a company filing that the team would continue executing its plan, focusing on expanding core business margins and improving adjusted free cash flow conversion toward the mid-40% range. That outlook came as part of a review in which the special committee gave interested parties a final deadline of November 9 to submit updated offers. After the deadline passed, The Globe and Mail report carried by Investing.com said the consortium had not met the board’s request and that the company had ended its review without a deal. A distinction remains between what GFL officially announced about the deadline and operating plan and what the report said about the negotiations and their outcome. The available information does not specify a later date for the company to announce any further decision on the review.