The Globe and Mail reports in its Tuesday, Nov. 10, edition that GFL Environmental has rejected a $22-billion buyout offer from Wall Street private equity funds, deeming it inadequate (all figures U.S.). The Globe's Andrew Willis writes that late Monday, GFL directors concluded a four-month review and told bidders led by Blackstone, KKR & Co. and Energy Capital Partners they would not accept their $52-a-share offer. GFL is expected to announce that the strategic review has concluded without a sale on Tuesday. The spurned take-private offer represented a 13-per-cent premium to the price of GFL stock on Monday. GFL's board members pushed the United States asset managers for an offer of $58 a share or more and the consortium refused to meet this request. The GFL board has decided to end the review without a sale, allowing its major shareholder, BC Partners, to sell a substantial portion of its 13-per-cent interest to outside investors. In July, GFL launched a review after receiving what chief executive officer Patrick Dovigi called "unsolicited preliminary expressions of interest from multiple parties to take the company private." Since the review was announced in July, GFL's share are up more than 20 per cent.