Wall Street Shrugs As Progressive Waste Solutions Says Exploring A Sale

Progressive Waste Solutions Ltd (USA)

shares are trading up +1.04 percent at $24.25 on Tuesday, with 118,632 shares traded amid the company stating that it is exploring a sale, according to

familiar with the matter. The garbage company is looking into a sale after it cut its profit forecast due to rising costs, stated the people. According to the people, Progressive Waste Solutions is working with financial advisers who had been reaching out to potential buyers in the past few weeks. Canada based Progressive Waste Solutions currently serves more than 4 million customers in the United States and Canada. The company has an estimated market value of $2.5 billion. According to a statement released Tuesday, the company's board of directors has retained JPMorgan Chase & Co. as its financial adviser and began a review of strategic alternatives. BIN's shares closed higher by 1.12 percent in the past week and 3.93 percent for the last 4 weeks. The company declined an estimated 22 percent in the last 12 months and about 8 percent on the Canadian exchange. In October, Progressive Waste Solutions lowered its 2015 earnings forecast to a range of $480 million to $485 million from $500 million to $515 million. In 2015, there has been a surge in global mergers and acquisitions. Mergers and acquisitions worldwide reached a record $3.8 trillion in 2015. The growth has also impacted the so-called environmental control industry, including recycling and waste management. Progressive Waste Solutions last sale was 86.61 percent of the target price of $28.