InsideArbitrage Potential Deal Alert: Summit Materials discloses $38 a share bid

  • October 23, 2023

POTENTIAL DEAL DETAILS

StockSummit Materials Inc.SymbolSUM
Date Announced10/19/2023Source Press Release
TypeUnsolicited BidAcquiring Company/Person Heidelberg Materials AG

According to a proxy filing, Summit Materials (SUM) board received a revised proposal from unidentified Company A to acquire the company for $38 per share.

Update(s):

October 20, 2023: The Board received a letter from a representative of Company A withdrawing the revised Company A proposal.

Bloomberg reported on Friday that Heidelberg Materials AG is the mystery bidder for Summit Materials Inc. which could potentially upend the US cement maker’s deal for the North American arm of Cementos Argos.

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.