BREAKINGVIEWS-An $11 bln concrete deal is about unset options

Reuters11-26

BREAKINGVIEWS-An $11 bln concrete deal is about unset options

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

By Robert Cyran

NEW YORK, Nov 25 (Reuters Breakingviews) - Quikrete is buying building materials peer Summit at a so-so multiple, despite a rush of subsidy-bolstered US construction. If the pace keeps up amid easing interest rates, it’s smart vertical integration. If a new Trump era wrecks that forecast, there are obvious units to sell.

Full view will be published shortly.

Follow @rob_cyran on X

CONTEXT NEWS

Summit Materials said on Nov. 25 it had agreed to be acquired by Quikrete in a deal valued at $11.5 billion, including debt. The purchase price, at $52.50 a share in cash, represents a 29% premium to Summit’s closing price before Reuters reported news of talks between the companies in October.

Quikrete is a privately-held company based in Georgia, and one of the largest manufacturers of packaged concrete and cement in North America.

Summit makes construction materials including cement, ready-mix concrete and aggregates.

(Editing by Jonathan Guilford and Pranav Kiran)

((For previous columns by the author, Reuters customers can click on CYRAN/robert.cyran@thomsonreuters.com))

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