By Colin Kellaher
Summit Materials shares moved higher in premarket trading Friday after the producer of aggregates and cement said it has received a non-binding acquisition proposal.
Summit late Thursday said it has held initial talks with the interested party, which the Denver company didn't identify.
Bloomberg on Thursday reported that privately held building-materials maker Quikrete Holdings has approached Summit about a potential takeover, with a per-share price in the "low 50s," according to people familiar with the matter.
Summit sports a market capitalization topping $7 billion after a 6.6% rise in its share price to $43.29 during Thursday's session following the Bloomberg report.
The company said its board will carefully evaluate the proposal in consultation with advisers Morgan Stanley and Evercore.
Shares of Summit were recently up 1.3% in light premarket trading Friday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 25, 2024 05:58 ET (09:58 GMT)
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