Summit Materials Announces Expiration of HSR Act Waiting Period for Acquisition by Quikrete

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]