The Globe and Mail reports in its Monday edition that as GFL Environmental considers private equity offers, Wall Street's biggest bank expects GFL to reject the bids and advises hedge funds to bet against a deal. The Globe's Andrew Willis writes that last week, analysts at JPMorgan told their institutional investor clients to short sell shares in GFL and buy shares in U.S. rival Casella Waste Systems, which is the target of an activist shareholder campaign. The recommendation is a classic hedge fund investment strategy, known as a long-short position, that is meant to make money no matter what happens in the markets. A great deal could happen at both GFL and Casella. In July, GFL announced its board launched a strategic review after receiving "unsolicited preliminary expressions of interest from multiple parties to take the company private." The overtures came after GFL's share price dropped sharply when the company launched a friendly $5.4-billion takeover of Secure Waste Infrastructure. At least two private equity fund managers approached GFL with take-private offers that would value the company at more than $20-billion (U.S.). Since the review was announced in July, GFL's share price has risen by 18 per cent.