GFL-Secure Deal Gets Proxy Firms’ Backing Despite Abrams’ Opposition

Two major proxy advisory firms backed GFL Environmental Inc.’s proposed acquisition of Secure Waste Infrastructure Corp., dealing a setback to Abrams Capital Management, the activist investor fighting the deal.

Institutional Shareholder Services and Glass Lewis recommended that Secure Waste investors vote for the transaction. GFL offered C$24.75 per share in cash and stock for the Calgary-based waste management firm last month, valuing it at around C$6.4 billion ($4.6 billion) including debt.