Summit Materials Completes Key HSR Waiting Period Before Quikrete Acquisition
On January 7, 2025, Summit Materials, Inc. (NYSE: SUM), a premier provider of aggregates and cement, confirmed the expiration of the waiting period mandated by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 regarding its planned acquisition by Quikrete Holdings, Inc. ($52.50 per share). This critical milestone paves the way for the impending merger, expected to finalize in the first quarter of 2025, contingent upon certain customary closing conditions alongside regulatory approvals and the consent of Summit's stockholders.
Upon the merger's conclusion, Summit will transition into a privately held subsidiary of Quikrete. Consequently, its shares will be delisted from the NYSE, marking the end of its status as a publicly traded entity. This acquisition is seen as a strategic move to strengthen Quikrete's market foothold and expand its product offerings in the construction materials industry.
Summit Materials specializes in producing high-quality aggregates and cement. It operates integrated businesses supplying ready-mix concrete and asphalt. With operations spread across the United States and British Columbia, Canada, Summit caters to the infrastructure, residential, and non-residential markets, showcasing its ability to deliver top-notch products and services.
Since its inception, Summit has gained a reputation for successfully incorporating strategic acquisitions to fuel growth. The merger with Quikrete is anticipated to further broaden Summit's market reach and enhance its operational capabilities. Morgan Stanley and Evercore serve as financial advisors to Summit, while Davis Polk & Wardwell LLP provides legal counsel in this transaction.
On the other hand, Quikrete Holdings, established in 1940 and based in Atlanta, Georgia, has cemented its legacy in the construction materials sector. Known primarily for its yellow bag of premixed concrete, Quikrete has expanded its brand portfolio significantly, including leading names such as Spec Mix, Rinker Materials, and others. This diversified portfolio features products ranging from packaged cementitious materials to concrete pavers and structural solutions.
The planned acquisition is indicative of Quikrete's strategy to solidify its presence in the construction market by enhancing its product catalog and operational scale. As the construction industry evolves, Quikrete's decision to acquire Summit reflects a broader trend of consolidation within the sector, aimed at generating efficiencies and providing comprehensive solutions for various construction challenges.
As with any merger, a degree of uncertainty accompanies these forward-looking statements. The completion of this merger relies heavily on multiple factors, including shareholder approval and regulatory clearance. Stakeholders and market watchers are advised to monitor developments closely as the transaction progresses through the necessary channels.
In summary, the expiration of the HSR waiting period signifies a significant step forward in Summit Materials' acquisition by Quikrete. As both companies prepare for the forthcoming changes, they stand poised to redefine their competitive landscape within the construction materials market, promising enhancements in both product offerings and operational efficiencies for their customers.
Upon the merger's conclusion, Summit will transition into a privately held subsidiary of Quikrete. Consequently, its shares will be delisted from the NYSE, marking the end of its status as a publicly traded entity. This acquisition is seen as a strategic move to strengthen Quikrete's market foothold and expand its product offerings in the construction materials industry.
Summit Materials specializes in producing high-quality aggregates and cement. It operates integrated businesses supplying ready-mix concrete and asphalt. With operations spread across the United States and British Columbia, Canada, Summit caters to the infrastructure, residential, and non-residential markets, showcasing its ability to deliver top-notch products and services.
Since its inception, Summit has gained a reputation for successfully incorporating strategic acquisitions to fuel growth. The merger with Quikrete is anticipated to further broaden Summit's market reach and enhance its operational capabilities. Morgan Stanley and Evercore serve as financial advisors to Summit, while Davis Polk & Wardwell LLP provides legal counsel in this transaction.
On the other hand, Quikrete Holdings, established in 1940 and based in Atlanta, Georgia, has cemented its legacy in the construction materials sector. Known primarily for its yellow bag of premixed concrete, Quikrete has expanded its brand portfolio significantly, including leading names such as Spec Mix, Rinker Materials, and others. This diversified portfolio features products ranging from packaged cementitious materials to concrete pavers and structural solutions.
The planned acquisition is indicative of Quikrete's strategy to solidify its presence in the construction market by enhancing its product catalog and operational scale. As the construction industry evolves, Quikrete's decision to acquire Summit reflects a broader trend of consolidation within the sector, aimed at generating efficiencies and providing comprehensive solutions for various construction challenges.
As with any merger, a degree of uncertainty accompanies these forward-looking statements. The completion of this merger relies heavily on multiple factors, including shareholder approval and regulatory clearance. Stakeholders and market watchers are advised to monitor developments closely as the transaction progresses through the necessary channels.
In summary, the expiration of the HSR waiting period signifies a significant step forward in Summit Materials' acquisition by Quikrete. As both companies prepare for the forthcoming changes, they stand poised to redefine their competitive landscape within the construction materials market, promising enhancements in both product offerings and operational efficiencies for their customers.
Topics Business Technology）
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