Summit Materials (SUM) said Thursday that it will not provide any updates on a takeover proposal in response to media reports.
The company had previously said it received a non-binding acquisition proposal and has held initial talks with the interested party.
The Wall Street Journal reported earlier that Quikrete is in advance talks with the company on a takeover bid, hinting Summit being valued at nearly $8.5 billion.
Summit shares were up almost 6% in recent trading.
Price: 51.24, Change: +2.84, Percent Change: +5.87
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