Rutland-based Casella Waste Systems has fended off a hostile takeover bid.
Houston-based JCP Investment Management announced Wednesday that it has withdrawn its candidates for the board of directors at Casella.
The company had been waging a proxy battle to oust two of Casella's candidates.
JCP's decision came two days before Casella’s 2015 annual stockholders meeting.
James Pappas, managing member of JCP, said the Houston-based firm was encouraged by steps the solid waste company has taken to improve its finances. Pappas took credit for the changes.
But officials at Casella scoffed at that. In a statement, the company said it had made significant improvements in its financial and operating performance well before JCP got involved.
