November 29, 2024 | Industrials | North America | Active
On 25-Nov-24, Summit Materials, a leading provider of construction materials, announced a definitive agreement to be acquired by privately-held rival Quikrete Holdings in a transaction valuing Summit at $11.5bn. Under the terms of the agreement, Quikrete will pay $52.50 per share, representing a 29% premium to Summit’s unaffected share price on 23-Oct-24. The boards of directors for both companies unanimously approved the merger. The transaction requires approval from Summit shareholders (50%), and Cementos Argos (CEMARGOS CB), a Colombian cement and concrete producer with ties to Summit and its largest shareholder (30.6%), has committed to vote in favour of the acquisition. The deal is conditional on receiving regulatory approvals, including antitrust clearances in the US and Canada. HSR is to be filed by 9-Dec-24, and undisclosed governmental consents are also required. Both companies have pledged to use their reasonable best efforts to satisfy all conditions and expedite the transaction. Summit has agreed to customary non-solicitation provisions, including fiduciary-out exemptions. Financing will come from a combination of Quikrete’s existing cash and new debt, and
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