Summit Materials Announces Stockholder Approvals for Proposed Acquisition by Quikrete
Denver, CO – Feb. 5, 2025 – Summit Materials, Inc. (NYSE: SUM) (“Summit,” “Summit Materials” or the “Company”), a prominent player in the aggregates and cement industry, is pleased to announce that it has secured all necessary stockholder approvals for the proposed acquisition by Quikrete Holdings, Inc. (“Quikrete”).
About the Acquisition
The acquisition, which was initially announced on January 12, 2025, is a significant strategic move for both companies. Summit Materials will become a part of Quikrete’s expanding portfolio, enhancing the latter’s presence in the aggregates and cement market. The definitive agreement and plan of merger was filed with the U.S. Securities and Exchange Commission (SEC) on January 26, 2025.
Stockholder Approval Process
Summit Materials’ stockholders approved the acquisition at a special meeting held on February 4, 2025. The approval was granted with a majority of the outstanding shares, as required by the Company’s bylaws. The final, certified voting results will be disclosed in a Form 8-K filing with the SEC.
Impact on Summit Materials Shareholders
Upon the completion of the transaction, Summit Materials shareholders will receive $23.00 in cash for each share of Summit Materials common stock they own. This represents a premium of approximately 33% based on the 30-day volume-weighted average price of Summit Materials common stock as of January 11, 2025, the last trading day before the public announcement of the proposed transaction.
Impact on the Industry and Consumers
The acquisition of Summit Materials by Quikrete is expected to create a leading integrated producer of aggregates and cement in the United States. The combined entity will have a broader geographic reach, enabling it to better serve customers and provide a more comprehensive range of products and services. This may lead to improved operational efficiencies and, potentially, lower costs for consumers.
Future Outlook
The transaction is subject to customary closing conditions, including regulatory approvals and the satisfaction of other customary closing conditions. Quikrete and Summit Materials anticipate that the transaction will close in the second quarter of 2025. Once the deal is completed, Quikrete will integrate Summit Materials’ operations into its existing business.
Conclusion
Summit Materials’ acquisition by Quikrete marks a significant milestone in the aggregates and cement industry. The transaction will create a leading integrated producer of aggregates and cement in the United States, with a broader geographic reach and the ability to offer a more comprehensive range of products and services. Summit Materials shareholders will receive $23.00 in cash for each share of common stock they own, representing a premium of approximately 33%. The regulatory approval process is underway, and the transaction is expected to close in the second quarter of 2025.
As a responsible and innovative industry leader, Quikrete remains committed to providing the highest quality products and services to its customers, while also maintaining its focus on sustainability and community engagement. The Company looks forward to welcoming Summit Materials into its family and continuing to deliver value to all stakeholders.
- Summit Materials secures stockholder approvals for acquisition by Quikrete
- Transaction creates a leading integrated producer of aggregates and cement in the United States
- Summit Materials shareholders to receive $23.00 in cash for each share of common stock
- Regulatory approval process underway, transaction expected to close in Q2 2025
