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].

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]

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].

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]

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 ...

DENVER, Nov. 21, 2024 /PRNewswire/ -- Summit Materials, Inc. (NYSE: SUM) ("Summit," "Summit Materials," "Summit Inc." or the "Company") today issued the following statement in response to media reports:"Summit previously disclosed receipt of a non-binding acquisition proposal and confirmed the Company has held initial discussions with the interested party. Summit does not plan to provide any updates with respect to this matter, except as required under applicable law."Morgan Stanley & Co. LLC and Evercore a ...

Summit Materials (SUM) reported $1.11 billion in revenue for the quarter ended September 2024, representing a year-over-year increase of 49.9%. EPS of $0.75 for the same period compares to $0.81 a year ago. The reported revenue represents a surprise of -6.20% over the Zacks Consensus Estimate of $1.19 billion. With the consensus EPS estimate being $0.70, the EPS surprise was +7.14%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wa ...

Summary of Key Points Core Viewpoint - Summit Materials reported quarterly earnings of $0.75 per share, exceeding the Zacks Consensus Estimate of $0.70 per share, but down from $0.81 per share a year ago, indicating a 7.14% earnings surprise [1]. Financial Performance - The company achieved revenues of $1.11 billion for the quarter ended September 2024, which fell short of the Zacks Consensus Estimate by 6.20%, compared to $741.96 million in the same quarter last year [2]. - Over the last four quarters, Summit Materials has surpassed consensus EPS estimates four times but has only topped consensus revenue estimates once [2]. Stock Performance and Outlook - Summit Materials shares have increased approximately 19.6% year-to-date, while the S&P 500 has gained 22.3% [3]. - The company's earnings outlook is crucial for investors, as it reflects current consensus earnings expectations for upcoming quarters and any recent changes to those expectations [4]. Estimate Revisions and Industry Ranking - The trend for estimate revisions ahead of the earnings release was unfavorable, resulting in a Zacks Rank 5 (Strong Sell) for the stock, suggesting expected underperformance in the near future [6]. - The current consensus EPS estimate for the upcoming quarter is $0.38 on revenues of $1.03 billion, and for the current fiscal year, it is $1.59 on revenues of $4.06 billion [7]. - The Building Products - Concrete and Aggregates industry is currently ranked in the bottom 8% of over 250 Zacks industries, indicating potential challenges for stock performance [8].

Exhibit 99.1 Summit Materials, Inc. Reports Third Quarter 2024 Results Pricing Momentum Continues Sets ELEVATE Summit Record for Quality of Earnings Refining 2024 Guidance DENVER, CO. - (October 30, 2024) - Summit Materials, Inc. (NYSE: SUM) ("Summit," "Summit Materials," "Summit Inc." or the "Company"), a market-leading producer of aggregates and cement company, today announced results for the third quarter ended September 28, 2024. All comparisons are versus the quarter ended September 30, 2023 unless not ...

DENVER, Oct. 24, 2024 /PRNewswire/ -- Summit Materials, Inc. (NYSE: SUM) ("Summit," "Summit Materials," "Summit Inc." or the "Company") today disclosed that it has received a non-binding acquisition proposal.The Company has held initial discussions with the interested party, and, in consultation with its advisors, Summit's Board of Directors will carefully evaluate the proposal to determine the course of action it believes is in the best interests of the Company and its shareholders.There can be no assuranc ...