Summit Materials jumps after report Quickrete in advanced takeover talks
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Summit Materials (NYSE:SUM) quickly rose 7.5% after a report that Quickrete is in advanced talks to buy its rival.
A deal may be reached as soon as next week, according to a WSJ report on Thursday, which cited people familiar with the matter.
The latest report comes after Summit (SUM) shares jumped 6.6% on Oct. 24 after Bloomberg first reported Quikrete approached the company about a takeover. Bloomberg reported that a "low 50s" price was being discussed for Summit at the time.
At the time, Summit confirmed it received a non-binding acquisition proposal, but provided no further details.
The Quikrete offer comes after Bloomberg reported last October that Heidelberg Materials (OTCPK:HDELY) was the mystery bidder for Summit (SUM), which offered $38 a share for the company after Summit inked a merger with Cemtenos Argos.
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