When was the bid? I realize you can't post a link because of yahoo but if you give me a rough date I can find it. If the bid was anytime 2011 and before I can't see that bid being the same now that the company is in a worse position.
there hasn't been a bid yet of course. but it's definitely something to be respectful if you are going to short the stock.
the balance sheet sucks. nobody is denying that fact. it was worse 18 months ago and then they sold some assets. and i think it's going to be tough for them to organically fix the balance sheet - although there are a few things they can do.
good luck on your short. just make sure you see where the last few waste deals got done (veolia for example) and see how that impacts the stock price.