Summit Matls Inc Stock Price, News & Analysis

Summit Materials (NYSE: SUM), a leading producer of aggregates and cement, has announced that shareholders have approved the proposed acquisition by Quikrete Holdings. The transaction is expected to close within the first quarter of 2025, subject to customary closing conditions. Upon completion, Summit will become a private subsidiary of Quikrete and will be delisted from the NYSE.

Morgan Stanley & Co. and Evercore are serving as financial advisors to Summit, while Wells Fargo is acting as Quikrete's exclusive financial advisor and has provided debt financing commitment for the merger. The final, certified voting results will be disclosed in a Form 8-K filing with the SEC.

Summit Materials (NYSE: SUM) has announced the expiration of the Competition Act (Canada) waiting period for its previously announced acquisition by Quikrete Holdings. The merger, valued at $52.50 per share in cash, is expected to close in Q1 2025, subject to remaining regulatory approvals and stockholder approval.

Upon completion, Summit will become a privately held subsidiary of Quikrete and will be delisted from the NYSE. Morgan Stanley & Co. and Evercore are serving as Summit's financial advisors, while Wells Fargo is acting as Quikrete's exclusive financial advisor and has provided debt financing commitment for the merger.

Summit Materials (NYSE: SUM) announced the expiration of the Hart-Scott-Rodino Act waiting period for its previously announced acquisition by Quikrete Holdings. The merger, valued at $52.50 per share in cash, is expected to close in Q1 2025, subject to remaining customary closing conditions, regulatory approvals, and Summit stockholder approval.

Upon completion, Summit will become a privately held subsidiary of Quikrete, and its common stock will be delisted from the NYSE. Morgan Stanley & Co. and Evercore are serving as financial advisors to Summit, while Wells Fargo is acting as Quikrete's exclusive financial advisor and has provided debt financing commitment for the merger.

Summit Materials (NYSE: SUM) has announced a definitive agreement to be acquired by Quikrete Holdings for $52.50 per share in cash, representing a total enterprise value of approximately $11.5 billion, including debt. The transaction offers a 36% premium to Summit's unaffected 90-day VWAP and a 29% premium to its unaffected share price. The merger will create a vertically integrated, North American construction materials solutions provider. The deal is expected to close in the first half of 2025, subject to shareholder and regulatory approvals. Upon completion, Summit will become a private subsidiary of Quikrete and delist from NYSE.

Summit Materials (NYSE: SUM) has responded to media reports by confirming its previous disclosure of receiving a non-binding acquisition proposal and having initial discussions with an interested party. The company stated it will not provide further updates on this matter unless required by law. Morgan Stanley & Co. and Evercore are serving as financial advisors, while Davis Polk & Wardwell LLP is acting as legal advisor to Summit.

Summit Materials (NYSE: SUM) reported Q3 2024 results with net revenue up 49.9% to $1.11 billion and operating income increasing 52.1% to $194.7 million. Despite weather challenges, the company achieved record EBITDA margins. However, net income declined 54.8% to $105.2 million, and basic EPS fell 68.9% to $0.60. The company refined its 2024 Adjusted EBITDA guidance to $970-$1,000 million, with projected capital expenditures of $390-$410 million. Summit maintains a strong financial position with nearly $740 million in cash on hand.

Summit Materials (NYSE: SUM) has announced receiving a non-binding acquisition proposal from an undisclosed party. The company's Board of Directors, along with its advisors, will evaluate the proposal to determine the best course of action for the company and its shareholders. Morgan Stanley & Co. and Evercore are serving as financial advisors, while Davis Polk & Wardwell LLP is acting as legal advisor. Summit has stated it will not provide further updates unless required by law.

Summit Materials (NYSE: SUM) has announced the date for its Third Quarter 2024 Results Conference Call. The company will release its financial results on Wednesday, October 30, 2024, after the market closes. A conference call will be held on Thursday, October 31, 2024, at 11:00 a.m. eastern time (9:00 a.m. mountain time) to review the results, discuss recent events, and conduct a Q&A session.

Investors can access a webcast of the conference call and accompanying presentation materials through Summit's website or via a provided link. To participate in the live teleconference, domestic callers can dial 1-888-330-3416, while international callers should use 1-646-960-0820, with the Conference ID: 1542153. A replay of the call will be available until November 7, 2024, accessible via 1-800-770-2030 using the same Conference ID.

Summit Materials (NYSE: SUM) has successfully implemented the first global pre-commercial installation of FLSmidth's FUELFLEX™ Pyrolyzer system at its Davenport, Iowa Cement Plant. This $38 million investment expands Summit's Green America Recycling operation, enabling the plant to replace approximately 55% of its fossil fuel usage with non-hazardous waste. The project is expected to cut coal and petcoke consumption by over 50,000 tons annually while delivering significant savings.

This achievement aligns with Summit's sustainability goals and Carbon Reduction roadmap. The company, as the largest US-based cement producer, aims to lead in addressing emission reduction goals while adding value. The FuelFlex technology not only reduces reliance on fossil fuels but also improves plant efficiencies, material flow, and overall throughput.