Summit Materials Shares Gain 7.1% After WSJ Report of Possible Acquisition by Quikrete

Dow Jones

2024-11-22

By Connor Hart

Shares of Summit Materials jumped after The Wall Street Journal reported that its rival, Quikrete, is in advanced talks to buy the company.

Summit Materials stock rose 7.1%, to $51.84, in midday trading Thursday. Shares are up 26% since the beginning of the year.

Assuming talks don't fall apart, the deal could be announced as early next week, the report said, citing people familiar with the matter.

Denver-based Summit has a market value of about $8.5 billion.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

November 21, 2024 13:08 ET (18:08 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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