Yahoo Finance Waste Disposal Firm Stericycle Is Exploring a Sale
(Bloomberg) -- Stericycle Inc. is considering a potential sale after receiving takeover interest, people with knowledge of the matter said.
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The Bannockburn, Illinois-based medical waste disposal company is working with a financial adviser as it weighs options, according to the people, who asked not to be identified discussing confidential information.
Stericycle’s shares lodged their biggest gains in more than four years. After rising as much as 21% on Friday, the shares closed up 15% to $51.65 in New York, giving the company a market value of about $4.8 billion.
The company could attract other medical waste management providers, as well as infrastructure funds, the people said.
Deliberations are ongoing and Stericycle could decide against pursuing a sale, the people said. A representative for Stericycle didn’t immediately provide a comment.
Stericycle works to remove sensitive and hazardous waste material from hospitals, care centers and veterinary clinics across the US, according to its website. It also provides services to air and seaports, funeral homes and governments and the military, among others.
First-quarter revenue at Stericycle fell 2.8% year-over-year to $664.9 million, figures for the period show. The company said the slip was primarily due to divestitures.
Read More: Stericycle Takeout Logical Given Extended Struggles: React
--With assistance from Gillian Tan.
(Updates with closing share price in third paragraph.)
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