Independent Thought, Creative Insights, Relentless Discovery. Not investment advice. [email protected] https://xitter.cf/t.co/BmHjJLItKG
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Incremental $GFL news...
GFL Environmental pares loss on report BC Partners works on rolling its stake in deal - CTFN seekingalpha.com/news/465744…
Week 13 of $gfl buyout watch. One more merger Monday before earnings call. Debt needs to remain portable. Some combination of GIC, Ontario Teachers, and BC will need to roll. Who’s staying? Who’s going? Price sufficient to win the majority of the minority vote?
More $GFL news....though not too much incrementally from yesterday.
The special committee running GFL Environmental's sale process, as advised by CIBC, has finished its work, CTFN reported Thursday, and key existing equity holders now have critical decisions over the question of rolling their equity which will likely influence the outcome of the deal.
#mergers #infrastructure #privateequity #corpgov #corpfin
$GFL
$GFL @ctfn_news said BC Partners is the final hurdle and wants $55 per share. Why do they care if they are rolling? Likely, they are selling to an affiliated continuation vehicle, which would allow the debt to be portable, while solidifying an exit on their original investment.
$55 should be an easy price for buyers to get to, so the special committee should bring the deal to a vote. Next question is will some holders vote it down? I doubt it.
$GFL - GFL Environmental special committee completes review, BC Partners last obstacle - CTFN seekingalpha.com/news/465614…
3:10 Value retweeted
$GFL
Today's story updated just now with additional background on rollover equity.
#mergers #wastemanagement #corpfin #infrastructure #privateequity
3:10 Value retweeted
We were very lucky to have a long chat with James Davolos. Lots of good insights from him about why inflation and rates are likely to be structurally higher, the business types that will benefit from higher rates, and then some specific examples of companies.
Episode 38!
We got to interview James Davolos, Portfolio Manager and Director of Research of Horizon Kinetics.
James gives an overview of Horizon’s contrarian value approach, we then discuss the broad topic of inflation, and then move on to some specific companies that are in the portfolio of Horizon’s Inflation Beneficiaries ETF ($INFL).
3:10 Value retweeted
What does the future hold for Venezuela? 🇻🇪
I’m interviewing Francisco Amador @SleepwellCap, who was born and raised in Venezuela, about the country's future, investment opportunities, and risks.
Subscribe to @IdeaBrunchEmail so you don't miss his interview this Sunday!
Successful processes ultimately lead to one buyer, so one consortium getting left behind is a natural part of the process and may be helpful to the process. $GFL's special committee can claim that they pushed price as hard as possible as evidenced by one group bowing out and one moving forward.
One of the two bidding consortia for GFL Environmental has become the leading contender to take the fourth largest North American waste-management company private, CTFN reported Tues.
Both groups are still in the process.
CTFN reported on October 2 that two private-equity consortia had presented bids to the special committee. KKR, Energy Capital Partners and Blackstone are bidding together, and Brookfield Asset Management have teamed up on a rival offer.
On September 15, CTFN reported GFL had formed the CIBC-advised special committee and that management had stepped back from the process.
CTFN reported on July 6 that the founder/CEO was willing to entertain offers to take the company private.
#corpfin #corpgov #infrastructure #mergers #privateequity
$GFL
3:10 Value retweeted
$GFL One consortium moves ahead in the GFL Environmental sales process - CTFN seekingalpha.com/news/465477…
Just need @jfineman to put the Globe and Mail story into @SeekingAlpha so we can get another reaction today! $GFL
. @310Value and I were discussing why market didnt react much to $GFL story on BBG today
Turns out all we needed was Seekingalpha to report on BBG's reporting 5 hours later
BBG did not move markets. Seekingalpha did ;)
also interesting how because the story was not reported by the Deals team, it didnt get same headline / notif treatment. even though the story contained a couple of pieces of new info
Now can Eric get Anthropic into a Bolt Data and Energy data center deal.....$TPL
