GFL Environmental sees gains after report of bids for environmental unit

GFL Environmental stock rose 2.5 percent after a report that initial interest and bids for its environmental business were above expectations.

As reported by CTFN, a merger and acquisition and regulatory reporting news agency, the environmental division received interest from over 25 parties in bids due at the end of October. Initial offers were beyond earlier valuations, between $6.5 billion and $7 billion, and were pushed to $7.2 billion and $8 billion.

The GFL division was expected to garner significant interest from financial and strategic buyers, as other recent deals have seen strong valuations, as reported by Seeking Alpha.

GFL is expected to report Q3 results on Nov. 6.