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Benzinga
Benzinga
Business
Lekha Gupta

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

Summit SUM Summit Materials

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.

The 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.

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