Secure Waste Shareholders Overwhelmingly Approve Transaction with GFL Environmental
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 27 2026
0mins
Secure Waste Infrastructure (SECYF) announced that Secure shareholders have overwhelmingly voted in favour of the previously announced transaction with GFL Environmental (GFL) at the corporation's special meeting of shareholders held earlier Wednesday. The special resolution approving the Transaction required approval by: at least 66 2/3% of the votes cast by Shareholders present in person or represented by proxy at the Meeting; and a simple majority of the votes cast by Shareholders present in person or represented by proxy at the Meeting, excluding those votes attached to SECURE shares held by Shareholders required to be excluded pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions.
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Analyst Views on GFL
Wall Street analysts forecast GFL stock price to rise
15 Analyst Rating
11 Buy
4 Hold
0 Sell
Moderate Buy
Current: 35.010
Low
34.03
Averages
55.30
High
64.06
Current: 35.010
Low
34.03
Averages
55.30
High
64.06
About GFL
GFL Environmental Inc. is a Canada-based diversified environmental services company. The Company is engaged in offering solid waste management, liquid waste management, and soil remediation services, including collection, transportation, transfer, recycling and disposal services. Its facilities type consists of convenience sites, landfills, material recovery facilities, organic processing, soil remediation sites and transfer stations. It has operations across Canada and the United States. The Company offers its services to municipal, residential, and commercial and industrial customers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Fuel Supply for Heavy-Duty Trucks: The new facilities are expected to supply fuel for approximately 800 Class 8 heavy-duty tractors, addressing the accelerating fleet conversion in the trucking sector driven by volatile diesel prices, showcasing the company's proactive approach to market changes.
- Low-Carbon Fuel Transition: The projects will capture methane from the natural decomposition of organic material at landfills and convert it into low-carbon, cost-effective transportation fuel, aligning with the global focus on sustainability and clean energy.
See More
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- Market Strategy: OPAL Fuels will market the full output from the new facilities through its expanding CNG/RNG distribution network, aiming to enhance profitability and market share in the renewable energy sector.
- Economic Benefits: The new facilities are designed to fuel approximately 800 heavy-duty trucks, replacing diesel and expected to lower operational costs while achieving zero Scope 1 and Scope 2 emissions, aligning with increasingly stringent environmental regulations.
- Sustainability Goals: GFL's projects will support its greenhouse gas reduction targets while providing stable, risk-adjusted returns, highlighting its long-term investment commitment in the environmental sector.
See More
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- New Stock Additions: Goldman Sachs added four stocks to its June conviction list, including Tyson Foods and Block, indicating strong confidence in these companies and reflecting its market outlook.
- Tyson Foods Outlook: Goldman praised Tyson Foods' diversified portfolio, projecting continued earnings growth with a price target of $81, representing nearly 33% upside from last Friday's close, underscoring its leadership in the U.S. meat market.
- Block Stock Performance: Goldman holds an optimistic view on Block, setting a price target of $95, which offers a 25% upside from last Friday, highlighting its potential in AI productivity enhancement and strong growth in the consumer finance sector.
- Growth Potential for TPG and Casella: TPG is seen as having a sustainable growth platform at a discounted valuation with a target price of $61, implying a 43% increase; meanwhile, Casella Waste Systems is expected to achieve margin expansion post-integration challenges, with a target price of $120, indicating a potential 46% rise, showcasing its competitiveness in waste management.
See More
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- Rebalancing Announcement: FTSE Russell has unveiled the preliminary adjustments for the Russell 3000 Index, marking the official start of the semi-annual rebalancing of U.S. equities, which is expected to impact market liquidity.
- Utilities Sector Changes: GFL Environmental is expected to be added to the utilities sector, while Arq will be deleted, a shift that may influence investors' asset allocation strategies.
- Effective Date Confirmed: The structural changes will officially take effect after the close of U.S. equity markets on Friday, June 26, prompting investors to pay attention to this date for portfolio adjustments.
- Financial Performance Overview: Arq reiterated its 2026 revenue outlook of $120 million to $125 million, with adjusted EBITDA expectations of $17 million to $20 million, indicating ongoing efforts towards optimization targets.
See More
Advisory Firms Recommend SECYF Acquisition Approval
- Acquisition Recommendation: Proxy advisory firms Institutional Shareholder Services and Glass Lewis recommended on Friday that investors of Secure Waste Infrastructure (SECYF) approve the proposed C$6.4 billion acquisition by GFL Environmental (GFL), despite opposition from activist investor Abrams Capital Management.
- Valuation Insights: ISS noted insufficient evidence to conclude that the acquisition valuation is not credible, even in the absence of a formal auction process, while Glass Lewis indicated that the deal price appears close to Secure Waste's 'fully marketed control value', supporting the rationale for the transaction.
- Investor Opposition: Abrams Capital Management, which owns approximately 10% of Secure Waste, argues that the company has greater long-term potential as a standalone business and has been urging shareholders to reject the acquisition ahead of a special meeting on May 27.
- Board's Perspective: Secure Waste Chair Mick Dilger stated that the board believes the merger delivers 'compelling immediate value' while allowing shareholders to own a piece of a larger and more diversified company, reflecting confidence in future growth prospects.
See More
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- Transaction Support: SECURE Waste Infrastructure Corp. announced that independent advisory firms ISS and Glass Lewis have recommended shareholders vote in favor of the transaction with GFL Environmental Inc. at the special meeting on May 25, 2026, highlighting the strategic rationale and long-term value potential of the deal.
- Shareholder Benefits: Under the transaction terms, SECURE shareholders can choose to receive $24.75 in cash per share or 0.4195 of a subordinate voting share in GFL, or a combination, reflecting a premium of approximately 23%, enhancing the attractiveness of the investment for shareholders.
- Unanimous Board Recommendation: Both SECURE's Board of Directors and the Special Committee of independent directors unanimously support the transaction, believing that the combined company will have stronger financial strength and liquidity, providing better risk-adjusted opportunities than continuing as a standalone operation.
- Voting Importance: SECURE urges all shareholders to vote actively before the deadline to ensure the transaction proceeds smoothly, emphasizing that every vote is crucial, regardless of the number of shares held, to secure their interests in the future combined company.
See More
