Summit Materials Announces Progress in Merger with Quikrete

Summit Materials, Inc. (NYSE: SUM) has recently shared significant updates regarding its impending merger with Quikrete Holdings, Inc. According to a recent 8-K filing with the Securities and Exchange Commission (SEC), Summit Materials is progressing steadily towards the completion of the acquisition.

The agreement between Summit Materials, Inc. and Quikrete Holdings, Inc. involves a definitive merger with Soar Subsidiary, Inc., a wholly-owned subsidiary of Quikrete. This merger is expected to position Summit as a wholly-owned subsidiary of Quikrete upon closure.

A crucial milestone was reached as the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and the Competition Act (Canada) expired as scheduled. These developments satisfy important conditions required for the successful execution of the merger.

To formalize the merger, Summit Materials has scheduled a special meeting of stockholders, slated for February 5, 2025, wherein voting on the merger will take place. Stockholders as of December 27, 2024, will be eligible to participate. Pending approval at the Special Meeting and fulfillment of remaining closing conditions, the merger is anticipated to conclude in the first quarter of 2025.

Recent press releases from Summit Materials highlighted the expiration of the waiting periods under the HSR Act and the Canada Competition Act. These developments underscore the progress made towards finalizing the merger process.

The SEC filing also sheds light on financial advisors and legal counsels involved in the merger. Morgan Stanley & Co. LLC, Evercore, Wells Fargo, and legal firms like Davis Polk & Wardwell LLP are playing crucial roles in facilitating this significant corporate event.

Summit Materials, a key player in the production of aggregates and cement, is known for its high-quality offerings in various markets. The merger with Quikrete is expected to solidify the company’s market position and transition it into a privately held entity.

Quikrete Holdings, Inc., a respected family-owned business with a long history of service in the building materials domain, brings a wealth of expertise to this merger. Quikrete’s diverse portfolio of brands and products will significantly augment Summit Materials’ existing offerings.

While the completion of the merger remains subject to certain customary closing conditions and regulatory approvals, both companies express optimism about the successful conclusion of this transformative deal. Shareholders are encouraged to review the Proxy Statement and related SEC filings for comprehensive information on the merger’s implications and benefits.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Summit Materials’s 8K filing here.

About Summit Materials

Summit Materials, Inc is a vertically integrated construction materials company, which engages in manufacturing construction materials and related downstream products. It operates through the following segments: West, East, and Cement. The West segment includes operations in Texas, Utah, Arizona, Colorado, Idaho, Wyoming, Oklahoma, Arkansas and British Columbia, Canada.