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Summit Materials completes merger with Quikrete
Summit Materials announced the closing of its previously announced definitive agreement to be acquired by Quikrete Holdings for $52.50 per share in cash, for a total enterprise value of approximately $11.5B, including debt. Summit's common stock has ceased trading on the NYSE and will no longer be listed on any public market. Additionally, the company has become a privately held subsidiary of Quikrete.
Summit Materials announces expiration of Competition Act waiting period for deal
Summit Materials announced the expiration of the waiting period under the Competition Act, as amended, in connection with Summit's previously announced definitive agreement to be acquired by Quikrete Holdings for $52.50 per share in cash. The merger is expected to close within the first quarter of 2025, subject to the satisfaction of remaining customary closing conditions, as well as receipt of regulatory approvals and Summit stockholder approval. Upon completion of the merger, Summit will become a privately held subsidiary of Quikrete and its common stock will no longer be traded on the NYSE.
Summit Materials announces expiration of HSR Act waiting period for acquisition
Summit Materials announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with Summit's previously announced definitive agreement to be acquired by Quikrete Holdings for $52.50 per share in cash. The Merger is expected to close within the first quarter of 2025, subject to the satisfaction of remaining customary closing conditions, as well as receipt of regulatory approvals and Summit stockholder approval. Upon completion of the Merger, Summit will become a privately held subsidiary of Quikrete and its common stock will no longer be traded on the NYSE.
Summit Materials downgraded to Neutral from Buy at Longbow
Longbow downgraded Summit Materials to Neutral from Buy after the company entered into a definitive agreement to be acquired by Quikrete Holdings for $52.50 per share in cash.
Summit Materials to be acquired by Quikrete for $52.50 per share in cash
Summit Materials announced it has entered into a definitive agreement to be acquired by Quikrete for $52.50 per share in cash, for a total enterprise value of approximately $11.5B, including debt. The transaction price represents an approximately 36% premium to Summit's unaffected 90-day volume weighted average price and an approximately 29% premium to Summit's unaffected share price. The combination has been unanimously approved by the Summit and Quikrete boards of directors. The transaction combines Summit's aggregates, cement and ready-mix concrete businesses with Quikrete's concrete and cement-based products business to create a vertically integrated, North American, construction materials solutions provider with strong customer relationships and iconic products. The transaction is expected to close in the first half of 2025, subject to Summit shareholder approval, regulatory approvals and other customary closing conditions. Upon completion of the transaction, Summit will become a privately held subsidiary of Quikrete and its common stock will no longer be traded on the NYSE. Summit's largest shareholder, Cementos Argos, has entered into an agreement pursuant to which it has committed to vote all of its shares of Summit's common stock in favor of the transaction. Quikrete has obtained commitment letters for the financing necessary to complete the transaction, which is not subject to a financing condition. For further information regarding the terms and conditions contained in the definitive transaction agreement, please see Summit's current report on Form 8-K, which will be filed with the U.S. Securities and Exchange Commission in connection with the transaction.
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