TORONTO - A major North American garbage collection business, Progressive Waste Solutions (
TSX:BIN,
Forum), has embarked on a review of its strategic options but is providing few details about the potential impact of the process.
The company, headquartered near Toronto and active in six provinces and several regions of the United States, says it has hired J.P. Morgan Securities to advise its board in the review.
But Progressive Waste Solutions said there's no certainty that the review will result in any change to its business strategy, or in any transaction, and cautioned investors against relying on news reports for their information.
“The company does not intend to make any further public comments regarding this matter prior to the completion of the review of strategic alternatives,” Progressive Waste Solutions said in a brief statement.
The announcement late Monday came hours after Bloomberg News cited unidentified sources as saying the company's advisers had approached potential buyers in recent weeks but talks were preliminary.
Progressive Waste Solutions shares closed Monday in Toronto at C$32.29, down 21 cents. In New York, the shares closed at US$23.21, down 34 cents.
The company, based in Vaughan, Ont., deals with non-hazardous solid waste from residential and industrial customers. It operates fleets of collection trucks and operates landfill, recycling and other disposal sites.