Summit Materials Announces Expiration of the Competition Act (Canada) Waiting Period for Acquisition by Quikrete

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].