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  "documentTitle": "GFL Environmental Inc. (GFL)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2020-08-18 00:00:00",
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  "notes": "Uses a side-by-side comparison of claims vs. evidence to highlight potential regulatory risks.",
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      "text": "Spruce Point believes it odd that GFL did not discuss an amended agreement with Waste Management on their Q2 earnings call.",
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      "text": "Spruce Point believes it odd that GFL did not discuss an amended agreement with Waste Management on their Q2 earnings call. At the same time, GFL is introducing greater regulatory uncertainty by acquiring the WCA business. A new \"forward-looking\" risk factor statement highlighted by GFL may offer clues that its deals are on shaky regulatory grounds.",
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      "text": "Spruce Point Reality Check vs WM on Q2 Earnings Call vs GFL Q2 Earnings Call vs New Forward-Looking Risk Factor",
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      "text": "Important factors that could cause actual results to differ... the risk the U.S. Department of Justice may prohibit, delay or refuse to grant approval...",
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      "text": "I think we have -- let's start with the ADS transaction that we all talked about and had a call on. I think from the ADS perspective...",
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      "text": "Additionally, earlier this week we and ADS entered into an agreement to an amendment to the previously announced agreement with GFL environmental...",
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      "text": "\"Additionally, earlier this week we and ADS entered into an agreement to an amendment to the previously announced agreement with GFL environmental and GFL is now contracted to purchase all anticipated regulatory divestitures for $863.5 million.\" — Waste Management Q2 Earnings Call. \"I think we have -- let's start with the ADS transaction that we all talked about and had a call on. I think from the ADS perspective, we are ready to hit the switch. From an integration perspective, we spent -- obviously, we're in a constructive relationship with ADS and Waste Management. We spend a lot of time on planning to make sure that this goes smoothly. We have a full road map to actually get this done from an integration perspective, and we're just truthfully waiting to get the final DOJ sign-off so Waste Management can close theirs and then we can close our transaction 5 days later with them.\" — GFL Q2 Earnings Call. \"Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risks and uncertainties inherent in the Acquisition and in our business, including, without limitation: the occurrence of any event, change or other circumstances that could give rise to the termination of the Acquisition Agreement; the failure to satisfy any of the conditions to the consummation of the Acquisition, including but not limited to, the risk the U.S. Department of Justice may prohibit, delay or refuse to grant approval for the consummation of the Acquisition on acceptable terms, or at all;\" — GFL New \"Forward-Looking\" Risk Factor Added On DOJ.",
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      "text": "Signs Suggesting The Waste Management Deal Is At Risk",
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