Progressive Waste Jumps as Blue Harbour Ups Stake: Toronto Mover
Progressive Waste Solutions Ltd. (BIN), the largest publicly traded garbage company in Canada, surged the most in almost two years after investor Blue Harbour Group LP boosted its stake in the company.
Progressive Waste, based in Vaughan, Ontario, climbed 4.9 percent to C$23.38 at 4 p.m. in Toronto for the biggest gain since August 2011. The stock has risen 8.9 percent this year.
In a regulatory filing with the U.S. Securities and Exchange Commission, Greenwich, Connecticut-based Blue Harbour said today it had paid $130.8 million to raise its stake in Progressive Waste to 5.6 percent, the third-largest investor in the company.
The fund had held a 3.9 percent position in Progressive Waste prior to this purchase, according to data compiled by Bloomberg.
“Our approach is only to invest in companies where we like and respect the management team,” Clifton S. Robbins, chief executive officer with Blue Harbour, said in a June 18 interview. Blue Harbour manages $1.6 billion in assets. “We’re exclusively collaborative. Over nine years we’ve never done a proxy contest, we’ve never sued a company, we’ve never taken a publicly adverse position to our management teams.”
Progressive Waste operates across six provinces in Canada and in 10 states across the northeastern and southern U.S. Can slot this in.
“Blue Harbour Group has been a very supportive shareholder in our company and we appreciate their ongoing confidence in our business and management team,” Chaya Cooperberg, a spokeswoman for Progressive Waste, said in an email.
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