InsideArbitrage Potential Deal Alert: ADW Capital Management Urges GFL Environmental’s (GFL) Board to Undertake a Strategic Review Process

POTENTIAL DEAL DETAILS

ADW Capital Management issued an open letter to GFL Environmental’s (GFL) board of directors and management team regarding opportunities to maximize value for all shareholders by urging the company to undertake a strategic review process. The letter from ADW is a follow-up to one it sent in November asking the company to be sold or sell assets to reduce its debt.

“We cannot think of any reason why the company would explore any other path than to sell its Environmental Solutions division,” ADW founder Adam Wyden said. “While we would be in favor of an ‘outright’ sale of the entire company, we recognize the scope and scale of such a transaction. Given the minimal tax leakage, the company does not lose much by doing a ‘two-step’ take private in our view and leaves the door open to see if the company can achieve a true public company cost of capital that a business of this quality merits.”

ADW owns approximately 1.65 million shares in GFL, representing 11.36% of the company’s total shares.

GFL Environmental Inc. Investor Relations

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