Summit Materials Discloses Receipt of a Non-Binding Acquisition Proposal

Rhea-AI Summary

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.

Positive

• Receipt of acquisition proposal indicates potential value recognition and strategic interest in the company

Negative

• Uncertainty regarding deal completion as proposal is non-binding
• information disclosure and updates promised only if legally required

DENVER, Oct. 24, 2024 /PRNewswire/ -- Summit Materials, Inc. (NYSE: SUM) ("Summit," "Summit Materials," "Summit Inc." or the "Company") today disclosed that it has received a non-binding acquisition proposal.

The Company has held initial discussions with the interested party, and, in consultation with its advisors, Summit's Board of Directors will carefully evaluate the proposal to determine the course of action it believes is in the best interests of the Company and its shareholders.

There can be no assurance that any definitive agreement will be reached. Summit does not plan to provide any updates with respect to this matter, except as required under applicable law.

Morgan Stanley & Co. LLC and Evercore are acting as financial advisors to Summit, and Davis Polk & Wardwell LLP is acting as legal advisor.

About Summit Materials, Inc.
Summit Materials is a market-leading producer of aggregates and cement with vertically integrated operations that supply ready-mix concrete and asphalt in select markets. Summit is a geographically diverse, materials-led business of scale that offers customers in the United States and British Columbia, Canada high quality products and services for the public infrastructure, residential and non-residential end markets. Summit has a strong track record of successful acquisitions since its founding and continues to pursue high-return growth opportunities in new and existing markets. For more information about Summit Materials, please visit www.summit-materials.com.

Cautionary Statement Regarding Forward-Looking Statements  
This press release contains "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as "believes, " "expects," "may," "will," "should," "seeks," "intends," "trends," "plans," "estimates," "projects" or "anticipates" or similar expressions that concern our strategy, plans, expectations or intentions. These forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to be different from future results, performance or achievements expressed or implied by such forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very difficult to predict the effect of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results.   

In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be realized. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 30, 2023, and Quarterly Report on Form 10-Q for the fiscal quarter ended March 30, 2024. Such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

Contact Information

Andy Larkin
VP, Investor Relations
Summit Materials, Inc.
andy.larkin@summit-materials.com
720-618-6013

Jim Barron/Benjamin Spicehandler/Danielle Berg
FGS Global
Summit@fgsglobal.com 

 

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SOURCE Summit Materials, Inc.

FAQ

What is the status of Summit Materials' (SUM) acquisition proposal as of October 24, 2024?

Summit Materials has received a non-binding acquisition proposal and is currently evaluating it with its Board of Directors and advisors to determine the best course of action.

Who are the financial advisors for Summit Materials (SUM) regarding the acquisition proposal?

Morgan Stanley & Co. and Evercore are acting as financial advisors to Summit Materials for the acquisition proposal.

Will Summit Materials (SUM) provide regular updates about the acquisition proposal?

No, Summit Materials has stated it does not plan to provide updates about the matter except as required under applicable law.

Who is the interested party making the acquisition proposal for Summit Materials (SUM)?

The identity of the interested party making the acquisition proposal has not been disclosed in the announcement.