Summit Materials Responds to Media Reports

Rhea-AI Summary

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.

Positive

• Receipt of acquisition proposal indicates potential M&A interest
• Engagement of top-tier financial and legal advisors suggests serious consideration of proposal

Negative

• Non-binding nature of proposal indicates uncertainty in deal completion
• transparency with no future updates planned unless legally required

DENVER, Nov. 21, 2024 /PRNewswire/ -- Summit Materials, Inc. (NYSE: SUM) ("Summit," "Summit Materials," "Summit Inc." or the "Company") today issued the following statement in response to media reports:

"Summit previously disclosed receipt of a non-binding acquisition proposal and confirmed the Company has held initial discussions with the interested party. 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 

View original content to download multimedia:https://www.prnewswire.com/news-releases/summit-materials-responds-to-media-reports-302313532.html

SOURCE Summit Materials, Inc.

FAQ

What acquisition proposal did Summit Materials (SUM) receive in November 2023?

Summit Materials confirmed receiving a non-binding acquisition proposal and having initial discussions with an interested party, though specific details were not disclosed.

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, with Davis Polk & Wardwell LLP serving as legal advisor.

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

Summit Materials stated it does not plan to provide updates regarding the acquisition proposal except as required under applicable law.