Summit Materials' Shareholders Approve Quikrete Acquisition: A New Era in Construction Materials
Generated by AI AgentWesley Park
Wednesday, Feb 5, 2025 12:13 pm ET1min read
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In a significant development in the construction materials sector, Summit Materials, Inc. (NYSE: SUM) has announced that its shareholders have approved the acquisition by Quikrete Holdings, Inc. (PRIVATE: QUIK). This strategic move, valued at approximately $11.5 billion, including debt, is set to create a vertically integrated, North American construction materials solutions provider with a strong customer base and iconic products.
The acquisition, which was first announced in November 2024, has been unanimously approved by the boards of directors of both Summit and Quikrete. The transaction price represents an approximately 36% premium to Summit's unaffected 90-day volume weighted average price (VWAP) and an approximately 29% premium to Summit's unaffected share price, reflecting Quikrete's confidence in Summit's valuable asset portfolio and market position.
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In a significant development in the construction materials sector, Summit Materials, Inc. (NYSE: SUM) has announced that its shareholders have approved the acquisition by Quikrete Holdings, Inc. (PRIVATE: QUIK). This strategic move, valued at approximately $11.5 billion, including debt, is set to create a vertically integrated, North American construction materials solutions provider with a strong customer base and iconic products.
The acquisition, which was first announced in November 2024, has been unanimously approved by the boards of directors of both Summit and Quikrete. The transaction price represents an approximately 36% premium to Summit's unaffected 90-day volume weighted average price (VWAP) and an approximately 29% premium to Summit's unaffected share price, reflecting Quikrete's confidence in Summit's valuable asset portfolio and market position.
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