Summit Materials revealed that it received a non-binding acquisition proposal, with Bloomberg reporting that Quikrete is the organization that approached Summit.
According to Summit, it has already held initial discussions with the “interested party.” The company plans to evaluate the proposal to determine a course of action.
“There can be no assurance that any definitive agreement will be reached,” Summit says in a written statement. “Summit does not plan to provide any updates with respect to this matter, except as required under applicable law.”
Summit says Morgan Stanley & Co. and Evercore are its financial advisors on the matter. Davis Polk & Wardwell is acting as legal advisor to Summit.
Founded in 1940, Quikrete characterizes itself as the “largest manufacturer of pre-blended, packaged concrete and cementitious products in North America.”
