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POTENTIAL DEAL DETAILS
| Stock | Summit Materials, Inc. | Symbol | SUM |
| Date Announced | 10/24/2024 | Source | Bloomberg |
| Type | News Report |
| Date of Confirmation: | 11/25/2024 | Price at Confirmation: | $51.66 |
| Potential Profit: | 19.33% | Annualized Profit: | 220.54% |
Bloomberg reported that Quikrete Holdings has approached Summit Materials (SUM) about a potential takeover.
The privately held building materials maker is working with advisers as it pursues a bid for Denver-based Summit. The price per share being discussed is in the “low 50s”.
Last year, Summit struck a $3.2 billion deal to merge with the U.S. business of Colombia-based building materials company Cementos Argos, after Heidelberg Materials AG made an unsolicited bid to acquire Summit for $38 per share.
Summit Materials, Inc. Investor Relations
Quikrete Holdings Investor Relations
Update(s):
October 24, 2024: Summit Materials (SUM) disclosed that it has received a non-binding acquisition proposal. The Company has held initial discussions with the interested party. Morgan Stanley and Evercore are acting as financial advisors to Summit, and Davis Polk & Wardwell are acting as legal advisors.
November 21, 2024: WSJ reported that building materials provider Quikrete is in advanced talks to acquire Summit Materials (SUM). A deal between closely held Quikrete and Summit could be announced early next week, assuming the talks don’t fall apart.
November 25, 2024: WSJ reported that Quikrete Holdings has struck a $9.2 billion deal to acquire Summit Materials (SUM). Privately held Quikrete is expected to pay $52.50 a share in cash for Summit. Including debt, the deal values Summit at $11.5 billion and is set to be announced Monday.
Disclaimer: Our intent with this section of the website is to present potential deals that appear to be in the pipeline. These potential deals are ones where i) the company has indicated that it is "seeking strategic alternatives", ii) there has been an unsolicited bid for a company as mentioned in a press release by the company or iii) news about the deal has been published by a leading news organization like The Wall Street Journal, The New York Times, Bloomberg, Financial Times, The Washington Post, Reuters and The Associated Press. As best as possible we will try to avoid baseless rumors. There is a high probability that many of these potential deals may not materialize and if they do, the terms of the deal may be different from what was initially reported. Please do your own due diligence before buying or selling any securities mentioned on this website. We do not warrant the completeness or accuracy of the content or data provided.