BUZZ-Summit Materials strikes $11.5 bln deal with Quikrete; shares down

Reuters

2024-11-25

** Shares of Summit Materials down 2% at $50.45 premarket

** Privately-held concrete maker Quikrete to acquire SUM in a cash deal valued at $11.5 bln

** Quikrete's $52.50/shr offer represents about 29.2% premium to SUM's closing price on Oct. 23, a day before Reuters reported the talks

** Up to last close, SUM up 0.20% YTD

(Reporting by Anshuman Tripathy)

((Anshuman.Tripathy@thomsonreuters.com))

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