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

Written by Emily J. Thompson, Senior Investment Analyst

Source: Benzinga

Updated: Nov 25 2024

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CSMD-0.36%

PYZ-0.53%

Should l Buy CSMD?

Source: Benzinga

Acquisition Announcement: Summit Materials, Inc. has agreed to be acquired by Quikrete Holdings for $52.50 per share, valuing the deal at approximately $11.5 billion, which includes debt. The acquisition is expected to close in the first half of 2025, pending necessary approvals.
Market Impact and Performance: Following the announcement, Summit's stock price has seen a significant rise, reflecting a 36% premium over its recent trading average, although it was down by 1.72% to $50.77 at the last check on Monday.

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About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

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