(Reuters) - Canadian waste management company Progressive Waste Solutions Ltd BIN.TO BIN.N is exploring a sale, Bloomberg reported, citing people familiar with the matter.
The U.S.-listed shares of the company, which has a market value of about $2.5 billion, rose nearly 6 percent to $24.60 after the bell on Monday in light trading.
The company is working with financial advisers who reached out to potential buyers in recent weeks, Bloomberg reported. (bloom.bg/1n0PjNy)
Progressive Waste Solutions may struggle to find a buyer among garbage companies because they may hesitate to make such a large acquisition, Bloomberg said, citing one of the people.
Progressive Waste was not immediately available to comment.
The company provides non-hazardous solid waste collection, recycling and disposal services to commercial, industrial, municipal and residential customers in 14 U.S. states and the District of Columbia and six Canadian provinces.
Reporting by Sneha Banerjee in Bengaluru; Editing by Sriraj Kalluvila