The Bingo Industries Ltd (ASX: BIN) share price is up 7% to $2.17 in afternoon trade to pace the benchmark S&P/ ASX200 index 0.1% higher in trade today.
The Bingo share price has been volatile ever since it announced a deal to buy rival rubbish collector Dial a Dump Industries (DADI) for $578 million back in August 2018. Investors were supportive of the deal as Bingo completed an institutional and retail capital raising at $2.54 per share.
However, the competition regulator the ACCC threw down a googly when it ruled on November 29 2018 that its 'preliminary view' was that the deal would reduce competition in the rubbish collection sector and was therefore uncompetitive.
In response to the news Bingo revealed on January 8 that it was prepared to sell its Banksmeadow waste disposal facility in Sydney in order to address an ACCC preliminary concern.
Bingo claims the DADI deal will be transformation for it if completed and the share price is likely to remain volatile until the ACCC hands down its final ruling.
