Blue Harbour Group Comments On Progressive Waste Merger

Jan 19, 2016, 13:01 ET from Blue Harbour Group

GREENWICH, Conn., Jan. 19, 2016, /PRNewswire/ -- Blue Harbour Group, L.P., a lead shareholder of Progressive Waste Solutions Ltd. (BIN) owning approximately 5.3% of its common shares, today commented on Progressive Waste's agreement to merge with Waste Connections in an all-stock transaction.

Robb A. LeMasters, a Managing Director of Blue Harbour Group, said, "Today's announcement of an agreement for Progressive Waste to combine with Waste Connections is the latest in a series of positive actions we have encouraged Progressive Waste's leadership to take that we believe have and will continue to generate value for all shareholders.  Earlier steps by the company - including last year's sale of its Long Island assets, its more efficient use of its balance sheet in recent years, and its focus on yielding better free cash flow from its existing operations – were instrumental in positioning Progressive Waste for strategic consolidation with another respected industry player in Waste Connections, which operates in complementary markets.  Having been in close consultation with Progressive Waste throughout this process, we are pleased with the outcome and we congratulate Progressive Waste's board and management."

Blue Harbour Group was formed in 2004 to pursue an Active Ownership investment strategy by acting as a lead minority shareholder primarily in U.S. publicly traded companies, and working collaboratively with managements and boards to identify initiatives to create and unlock shareholder value.

Blue Harbour manages capital on behalf of pension funds, endowments, sovereign wealth funds and other institutional investors.

CONTACT:    

Adam Weiner


212-521-4823


adam.weiner@kekst.com

 

SOURCE Blue Harbour Group