TORONTO, July 3, 2026, 12:02 EDT
- SECURE gained over 4% with GFL moving higher too after a report on buyout interest.
- At GFL’s late-morning price, the current mix of stock and cash works out to about C$23.84 for each SECURE share.
- SECURE was trading around 1.5% under the live mixed-consideration figure, not the C$24.75 headline.
- The Toronto market traded, since July 3 is a U.S. holiday on the TSX calendar. Canada Day was July 1.
SECURE Waste Infrastructure Corp (TSE:SES) climbed Friday as shares of buyer GFL Environmental Inc (TSE:GFL) rallied, boosting the mostly stock deal lined up between the two Canadian waste firms.
Toronto markets opened. TMX posted Canada Day, July 1, as a holiday for Canada in 2026, and July 3 under U.S. market holidays with special settlement for trades in U.S. dollars.
GFL is weighing a possible take-private deal after buyout firms showed early interest, Reuters said Friday, quoting Bloomberg. CEO Patrick Dovigi told Reuters the company would “decline to comment at this time.” The report noted GFL has around $7.1 billion in debt, which could be an issue for a deal. Reuters
SECURE was at C$23.48, up 4.45% as of 11:47 a.m. EDT, and GFL was up 5.94% at C$56.30, according to Google Finance. SECURE also hit a 52-week high at C$24.20.
For SECURE holders, the deal now trades as a spread on GFL’s stock. The offer includes C$4.95 cash plus 0.3356 GFL shares per SECURE share, with proration capping payout at 20% cash and 80% GFL stock.
| GFL price input | Implied mixed value for each SECURE share | Gap to C$24.75 headline price |
|---|---|---|
| C$51.76 intraday GFL low | C$22.32 | -C$2.43 |
| C$56.30 late-morning GFL quote | C$23.84 | -C$0.91 |
| C$58.74 intraday GFL high | C$24.66 | -C$0.09 |
So for every C$1 shift in GFL, SECURE’s mixed offer moves by 33.56 Canadian cents. Near midday, SECURE traded at C$23.48, or C$0.36 less than the calculated mixed consideration, putting the spread at around 1.5%.
The stock-only election leaves holders with more GFL in their mix. With GFL at C$56.30, the 0.4195 share option worked out to around C$23.62, pre-proration. Cash comes in at C$24.75, though not every SECURE investor will get full cash as the 20% cash, 80% stock rule puts a hard cap on the cash pool.
| SECURE election option | Deal term | Value using GFL at C$56.30 |
|---|---|---|
| Cash election | C$24.75 | C$24.75, may be prorated |
| Share election | 0.4195 GFL share | C$23.62 |
| Mixed election | C$4.95 plus 0.3356 GFL share | C$23.84 |
GFL’s buyout of SECURE was first announced in April. The deal is set at C$24.75 for each SECURE share, totaling about C$6.4 billion with debt included. At the time, GFL touted SECURE’s network as “highly complementary,” and SECURE CEO Allen Gransch described the company as having a “hard to replicate infrastructure network.” News Release Archive
TD Cowen’s James Schumm told Reuters in April regulators would “take a close look” at the deal, citing forced divestments from the Secure-Tervita deal. The deal was set to close in the second half of 2026. Reuters
SECURE shareholders gave the go-ahead to the deal, with 78.81% voting yes. The Court of King’s Bench of Alberta signed off with a final order. SECURE said it got Hart-Scott-Rodino clearance too, but said other regulatory approvals and closing conditions were still needed.
| Deal item | Latest confirmed status |
|---|---|
| Shareholder vote | 78.81% of votes backed the deal |
| Court approval | Final order given on May 28 |
| U.S. HSR clearance | Cleared |
| Expected close | Targeting second half of 2026 if other conditions are met |
SECURE will post Q2 earnings before the open on July 29. The company is skipping a conference call because of the pending GFL deal. SECURE has set a C$0.105 quarterly dividend to be paid around July 15 to holders on record as of July 1.
