Oct. 25, 2024 – The industry is buzzing with the news that Quikrete has approached Summit Materials with an acquisition offer. Summit Materials, in a posting on its website, reported that “it has received a non-binding acquisition proposal. The company has held initial discussions with the interested party, and, in consultation with its advisors, Summit’s board of directors will carefully evaluate the proposal to determine the course of action it believes is in the best interests of the company and its shareholders. There can be no assurance that any definitive agreement will be reached. Summit does not plan to provide any updates with respect to this matter, except as required under applicable law. Morgan Stanley & Co. LLC and Evercore are acting as financial advisors to Summit, and Davis Polk & Wardwell LLP is acting as legal advisor.” Rock Products’ columnist Pierre Villere, president and senior managing partner of Allen-Villere Partners, noted, “While this is not a done deal, and may not be consummated, it speaks to the continued trend of consolidation throughout the construction materials industry. Small producers will continue to sell to their larger counterparts, and larger transactions like this one will continue the trend of consolidation – up and down throughout all size ranges.” Stay tuned for more details as they become available.
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