Summit Materials(SUM)

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Summit Materials Completes Merger with Quikrete
Prnewswire· 2025-02-10 17:26
DENVER, Feb. 10, 2025 /PRNewswire/ -- Summit Materials, Inc. (NYSE: SUM) ("Summit," "Summit Materials" or the "Company"), a leading producer of aggregates and cement, today announced the closing of its previously announced definitive agreement to be acquired by Quikrete Holdings, Inc. ("Quikrete") for $52.50 per share in cash, for a total enterprise value of approximately $11.5 billion, including debt. Summit's common stock has ceased trading on the NYSE and will no longer be listed on any public market. Ad ...
Summit Materials Announces Stockholder Approval of Quikrete Transaction
Prnewswire· 2025-02-05 17:00
DENVER, Feb. 5, 2025 /PRNewswire/ -- Summit Materials, Inc. (NYSE: SUM) ("Summit," "Summit Materials" or the "Company"), a leading producer of aggregates and cement, today announced that the Company has obtained all requisite stockholder approvals in connection with the proposed acquisition by Quikrete Holdings, Inc. ("Quikrete"). Summit will disclose the final, certified voting results on a Form 8-K with the U.S. Securities and Exchange Commission ("SEC"). As previously announced, the proposed transaction ...
Summit Materials, Inc. Is Being Investigated For Securities Fraud And Affected Investors Are Urged To Contact The Schall Law Firm
ACCESSWIRE Newsroom· 2025-01-21 17:15
Core Viewpoint - Summit Materials, Inc. is currently under investigation for securities fraud, prompting affected investors to reach out to the Schall Law Firm for assistance [1] Group 1 - The investigation into Summit Materials, Inc. suggests potential legal issues that could impact the company's financial standing and investor confidence [1] - Affected investors are encouraged to contact legal representation, indicating a significant concern regarding the company's practices and transparency [1]
Summit Materials, Inc. Is Being Investigated For Securities Fraud And Impacted Investors Are Urged To Contact The Schall Law Firm
ACCESSWIRE Newsroom· 2025-01-17 18:30
Summit Materials, Inc. Is Being Investigated For Securities Fraud And Impacted Investors Are Urged To Contact The Schall Law Firm ...
The Schall Law Firm Invites Shareholders With Losses To Join An Inquiry Into Summit Materials, Inc. For Securities Law Violations
ACCESSWIRE Newsroom· 2025-01-16 16:15
The Schall Law Firm Invites Shareholders With Losses To Join An Inquiry Into Summit Materials, Inc. For Securities Law Violations ...
Summit Materials Announces Expiration of the Competition Act (Canada) Waiting Period for Acquisition by Quikrete
Prnewswire· 2025-01-09 13:00
Core Viewpoint - Summit Materials, Inc. has announced the expiration of the waiting period under the Competition Act (Canada) related to its acquisition by Quikrete Holdings, Inc. for $52.50 per share in cash, with the merger expected to close in the first quarter of 2025, pending regulatory and stockholder approvals [1][2]. Company Overview - Summit Materials is a leading producer of aggregates and cement, with vertically integrated operations supplying ready-mix concrete and asphalt in select markets across the United States and British Columbia, Canada [4]. - The company has a strong track record of successful acquisitions and continues to seek high-return growth opportunities in both new and existing markets [4]. Acquisition Details - The merger will result in Summit becoming a privately held subsidiary of Quikrete, and its common stock will no longer be traded on the NYSE after the completion of the merger [2]. - Financial advisors for Summit include Morgan Stanley & Co. LLC and Evercore, while Wells Fargo is acting as the exclusive financial advisor to Quikrete and has provided a debt financing commitment for the merger [3]. Quikrete Holdings, Inc. Overview - Quikrete is a privately owned family business founded in 1940, based in Atlanta, Georgia, and is a leading building materials company [5]. - The company offers a wide range of products, including packaged cementitious products, pavers, and various construction materials, servicing the US and Canadian commercial construction, residential, and infrastructure markets [5].
Summit Materials Announces Expiration of HSR Act Waiting Period for Acquisition by Quikrete
Prnewswire· 2025-01-07 17:10
Merger Details - Summit Materials announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, related to its acquisition by Quikrete Holdings for $52.50 per share in cash [1] - The merger is expected to close within the first quarter of 2025, pending regulatory approvals and Summit stockholder approval [2] - Upon completion, Summit will become a privately held subsidiary of Quikrete, and its common stock will no longer be traded on the NYSE [2] Advisors and Financing - Morgan Stanley & Co. LLC and Evercore are acting as financial advisors to Summit, with Davis Polk & Wardwell LLP as legal advisor [3] - Wells Fargo is acting as exclusive financial advisor to Quikrete, with Troutman Pepper Hamilton Sanders LLP and Covington & Burling LLP as legal counsel [3] - Wells Fargo has provided a debt financing commitment for the merger [3] Company Overviews - Summit Materials is a leading producer of aggregates and cement, with vertically integrated operations supplying ready-mix concrete and asphalt in select markets across the US and British Columbia, Canada [4] - Summit has a strong track record of successful acquisitions and continues to pursue high-return growth opportunities in new and existing markets [4] - Quikrete Holdings is a privately owned family business founded in 1940, with a broad portfolio of brands serving the US and Canadian commercial construction, residential, and infrastructure markets [5] - Quikrete's product range includes packaged cementitious products, pavers, retaining wall systems, masonry units, and engineered storm water systems, among others [5]
Summit Announces Agreement to be Acquired by Quikrete for $11.5B
ZACKS· 2024-11-26 19:56
Core Viewpoint - Summit Materials, Inc. (SUM) is set to be acquired by Quikrete Holdings, Inc. for $11.5 billion, which includes a cash offer of $52.50 per share, providing immediate cash value to shareholders and potential opportunities for employees and customers [1][4]. Acquisition Details - The acquisition will merge Summit's aggregates, cement, and ready-mix concrete businesses with Quikrete's concrete and cement-based products, creating a vertically integrated North American construction materials provider [3]. - The transaction price reflects a 36% premium over Summit's unaffected 90-day volume weighted average price and a 29% premium over its unaffected share price, with approval from both companies' boards [4]. Timeline and Structure - The acquisition is expected to close in the first half of 2025, pending regulatory approvals and customary closing conditions. Post-acquisition, Summit will operate as a privately held subsidiary and will no longer be listed on the NYSE [5]. Stock Performance - SUM shares have increased by 30.1% over the past three months, outperforming the Zacks Building Products - Concrete and Aggregates industry's growth of 13.6%. The company's performance is supported by a disciplined portfolio optimization approach and value pricing strategy [6]. - The Zacks Consensus Estimate indicates a year-over-year earnings per share (EPS) growth of 35.5% for the fourth quarter and 3.8% for 2024, with a trailing four-quarter earnings surprise of 19.1% on average [8].
SHAREHOLDER ALERT: The M&A Class Action Firm Investigates the Merger of Summit Materials, Inc. - SUM
Prnewswire· 2024-11-25 22:58
Group 1 - Monteverde & Associates PC is investigating Summit Materials, Inc. regarding its proposed merger with Quikrete Holdings [1] - Under the merger agreement, Summit Materials shareholders will receive $52.50 per share in cash for each share of common stock they own [1] - Monteverde & Associates PC has a successful track record in recovering millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report [1][3] Group 2 - The firm is headquartered in the Empire State Building in New York City [1] - Monteverde & Associates PC is a national class action securities firm with experience in trial and appellate courts, including the U.S. Supreme Court [3]
SUM Alert: Monsey Firm of Wohl & Fruchter Investigating Fairness of the Sale of Summit Materials to Quikrete Holdings
GlobeNewswire News Room· 2024-11-25 16:33
MONSEY, N.Y., Nov. 25, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Summit Materials, Inc. (NYSE: SUM) (“Summit”) to Quikrete Holdings (“Quikrete”) for $52.50 per share in cash. The sale price represents only a tiny 1.6% premium to Summit’s last closing price of $51.66 per share on November 22, 2024. Further calling the fairness of the deal into question, the sale price is below the pre-announcement price target for Summit of at least thr ...