Summit Materials Scooped Up: Quikrete Strikes $11.5 Billion Deal To Cement Industry Presence

Benzinga11-25

Summit Materials, Inc. (NYSE:SUM) shares are trading higher on Monday. The company inked a definitive deal to be acquired by privately owned family business Quikrete Holdings for $52.50 per share in ...

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The company inked a definitive deal to be acquired by privately owned family business Quikrete Holdings for $52.50 per share in ...</p>\n\n<a href=\"https://finance.yahoo.com/news/summit-materials-scooped-quikrete-strikes-151207305.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Summit Materials Scooped Up: Quikrete Strikes $11.5 Billion Deal To Cement Industry Presence</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSummit Materials Scooped Up: Quikrete Strikes $11.5 Billion Deal To Cement Industry Presence\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-25 23:12 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/summit-materials-scooped-quikrete-strikes-151207305.html><strong>Benzinga</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summit Materials, Inc. (NYSE:SUM) shares are trading higher on Monday. The company inked a definitive deal to be acquired by privately owned family business Quikrete Holdings for $52.50 per share in ...</p>\n\n<a href=\"https://finance.yahoo.com/news/summit-materials-scooped-quikrete-strikes-151207305.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SUM","symbol_name":"Summit Materials Inc","start_time":0,"source_url":"https://finance.yahoo.com/news/summit-materials-scooped-quikrete-strikes-151207305.html","article_id":"2486036385","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/MYA0jmTdmWzDcQFd6QZJBA--~B/aD01NzY7dz0xMDI0O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/Benzinga/26cdec3214b5cf6d5ef794a469a38732"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2486036385","pubTimestamp":1732547527,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Summit Materials, Inc.  shares are trading higher on Monday. 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In October, Summit Materials disclosed receiving a non-binding acquisition proposal.The deal has been unanimously approved by both Summit and Quikrete’s Boards of Directors.The transaction will combine 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 with strong customer relationships and iconic products.The transaction is expected to close in the first half of 2025, pending Summit shareholder approval, regulatory clearances, and other customary c","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SUM":"Summit Materials Inc","BK4544":"ARK ETF合集","BK4011":"建筑材料","BK4520":"美国基建股","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","IE00B19Z4B17.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) ACC","BK4585":"ETF&股票定投概念","IE00B7SZL793.SGD":"Legg Mason Royce - US Small Cap Opportunity A Acc SGD-H","ARKG":"ARK Genomic Revolution ETF","BK4588":"碎股","IE0031619046.USD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY \"A\" (USD) INC","IE00B66KJ199.SGD":"LEGG MASON ROYCE US SMALL CAP OPPORTUNITY  \" A\" (SGD) ACC"},"translate_title":"Summit Materials收购：Quikrete达成115亿美元交易以巩固行业地位","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ARKG":1,"SUM":1},"content_text":"Summit Materials, Inc. (NYSE:SUM) shares are trading higher on Monday. The company inked a definitive deal to be acquired by privately owned family business Quikrete Holdings for $52.50 per share in cash, valuing the transaction at approximately $11.5 billion, including debt.\nThe deal price represents a 36% premium to Summit’s 90-day volume-weighted average price and a 29% premium to its unaffected share price. In October, Summit Materials disclosed receiving a non-binding acquisition proposal.\nThe deal has been unanimously approved by both Summit and Quikrete’s Boards of Directors.\nThe transaction will combine 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 with strong customer relationships and iconic products.\nThe transaction is expected to close in the first half of 2025, pending Summit shareholder approval, regulatory clearances, and other customary closing conditions.\nOnce completed, Summit will become a privately held subsidiary of Quikrete, and its common stock will no longer be traded on the NYSE.\nAnne Noonan, Summit Materials President and Chief Executive Officer, said, “This combination, and the value it creates, is a testament to our stellar strategic and financial performance, agile operational and commercial execution, and to the strength and talent of our entire team who have delivered a 34.6% annualized return since we began to develop our Elevate strategy on September 1, 2020.”\nWill Magill, Chief Executive Officer of Quikrete, stated, “This acquisition represents a significant milestone in our journey to expand our capabilities and geographic presence. Summit is a recognized leader with a highly complementary portfolio of trusted aggregate, cement and ready-mix solutions.”\nThe company’s stock has gained over 12% in the past month. Investors can gain exposure to the stock via Professionally Managed Portfolios Congress SMid Growth ETF (NYSE:CSMD) and Invesco Dorsey Wright Basic Materials Momentum ETF (NASDAQ:PYZ).\nPrice Action: SUM shares are trading lower by 1.72% at $50.77 at the last check Monday.\nRead Next:\n\nVertical Aerospace Soars: $50 Million Funding Boost And Debt Conversion Propel eVTOL Maker Forward\n\nPhoto by haneen-krimly for Unsplash.\nUNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.\nGet the latest stock analysis from Benzinga?\n\nSUMMIT MATERIALS (SUM): Free Stock Analysis Report\n\nThis article Summit Materials Scooped Up: Quikrete Strikes $11.5 Billion Deal To Cement Industry Presence originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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