Casella Waste Garnered Interest From Potential Acquirers
May 29, 2015 at 12:00 am
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JCP Investment Management, LLC along with the some other investors hold 5.4% stake in Casella Waste Systems Inc. (NasdaqGS:CWST) and are seeking to elect three directors to the Board of Directors of Casella. JCP Investment disclosed that multiple potential strategic acquirers have contacted JCP and expressed interest in Casell. JCP Investment Management urges Casella Waste Systems to consider multiple strategic alternatives.
Casella Waste Systems received a letter on May 29, 2015, from an investor group led by JCP Investment Management reiterating the group's hopes to elect three directors to the waste-management company's board and saying the investor group recently has been contacted by multiple potential strategic acquirers expressing interest in Casella. In turn, the investor group urged Casella to hire an investment bank to explore strategic alternatives while saying a new board should be charged with exploring available strategic opportunities.
Casella Waste Systems, Inc. is a regional, vertically integrated solid waste services company. The Company manages its solid waste operations on a geographic basis through three regional operating segments: the Eastern, Western and Mid-Atlantic regions. It manages its resource renewal operations through the Resource Solutions operating segment, which leverages its core competencies in materials processing, industrial recycling, organics and resource management service offerings to deliver a solution for its commercial, municipal, institutional and industrial customers. It operates approximately 64 solid waste collection operations, 71 transfer stations, 29 recycling and processing facilities, eight Subtitle D landfills, three landfill gas-to-energy facilities and one landfill permitted to accept construction and demolition materials. It provides integrated solid waste services in Vermont, New Hampshire, New York, Massachusetts, Connecticut, Maine, Pennsylvania, Delaware and Maryland.