Summit Materials, Inc. (NYSE:SUM), ("Summit," "Summit Materials," "Summit Inc." or the "Company") a leading producer of aggregates and cement, today announced it has entered into a definitive agreement to be acquired by Quikrete Holdings, Inc. ("Quikrete") for $52.50 per share in cash, for a total enterprise value of approximately $11.5 billion, including debt. The transaction price represents an approximately 36% premium to Summit's unaffected 90-day volume weighted average price (VWAP)1 and an approximately 29% premium to Summit's unaffected share price2. The combination has been unanimously approved by the Summit and Quikrete Boards of Directors.
The transaction combines Summit's leading aggregates, cement and ready-mix concrete businesses with Quikrete's leading concrete and cement-based products business to create a vertically integrated, North American, construction materials solutions provider with strong customer relationships and iconic products.
