Summit Materials Scooped Up: Quikrete Strikes $11.5 Billion Deal To Cement Industry Presence
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 25 2024
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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.
Analyst Views on CSMD
Wall Street analysts forecast CSMD stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for CSMD is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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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.
