GFL Environmental Inc. GFL-T share price dropped sharply after the waste disposal company formally shut down a review of unsolicited takeover offers and opted to remain public.

Early Tuesday, the price of GFL shares fell around 10 per cent at US$41.36 in early trading on the New York Stock Exchange.

The decline came after the company said in a press release a special committee of its board concluded a four-month negotiation with potential private equity buyers and “unanimously determined that remaining a public company is the best path forward for all shareholders.”

On Monday, The Globe and Mail reported GFL’s special committee turned down bids for US$52 per share from a consortium of Wall Street private equity fund managers. The…