Summit Materials Discloses Receipt of a Non-Binding Acquisition Proposal
Summit Materials (NYSE: SUM) has announced receiving a non-binding acquisition proposal from an undisclosed party. The company's Board of Directors, along with its advisors, will evaluate the proposal to determine the best course of action for the company and its shareholders. Morgan Stanley & Co. and Evercore are serving as financial advisors, while Davis Polk & Wardwell LLP is acting as legal advisor. Summit has stated it will not provide further updates unless required by law.
Summit Materials (NYSE: SUM) ha annunciato di aver ricevuto una proposta di acquisizione non vincolante da parte di un soggetto non divulgato. Il Consiglio di Amministrazione dell'azienda, insieme ai suoi consulenti, valuterà la proposta per determinare la migliore linea d'azione per l'azienda e i suoi azionisti. Morgan Stanley & Co. ed Evercore stanno fungendo da consulenti finanziari, mentre Davis Polk & Wardwell LLP sta agendo come consulente legale. Summit ha dichiarato che non fornirà ulteriori aggiornamenti a meno che non richiesto dalla legge.
Summit Materials (NYSE: SUM) ha anunciado que ha recibido una propuesta de adquisición no vinculante de una parte no revelada. La Junta Directiva de la compañía, junto con sus asesores, evaluará la propuesta para determinar el mejor curso de acción para la empresa y sus accionistas. Morgan Stanley & Co. y Evercore están actuando como asesores financieros, mientras que Davis Polk & Wardwell LLP actúa como asesor legal. Summit ha declarado que no proporcionará más actualizaciones a menos que lo exija la ley.
서밋 자료(Summit Materials, NYSE: SUM)는 공개되지 않은 개인으로부터 비구속 인수 제안을 받았다고 발표했습니다. 회사의 이사회는 자문과 함께 이 제안을 평가하여 회사 및 주주에게 가장 적합한 조치를 결정할 것입니다. 모건 스탠리(Morgan Stanley & Co.)와 에버코어(Evercore)가 재무 자문으로 활동하고 있으며, 데이비스 폴크 & 워드웰(Davis Polk & Wardwell LLP)은 법률 자문으로 활동하고 있습니다. 서밋은 법적으로 요구되지 않는 한 추가 업데이트를 제공하지 않겠다고 밝혔습니다.
Summit Materials (NYSE: SUM) a annoncé avoir reçu une proposition d'acquisition non contraignante d'une partie non divulguée. Le conseil d'administration de l'entreprise, avec l'aide de ses conseillers, va évaluer la proposition afin de déterminer la meilleure marche à suivre pour l'entreprise et ses actionnaires. Morgan Stanley & Co. et Evercore agissent en tant que conseillers financiers, tandis que Davis Polk & Wardwell LLP agit comme conseiller juridique. Summit a déclaré qu'elle ne fournirait pas de mises à jour supplémentaires, sauf si la loi l'exige.
Summit Materials (NYSE: SUM) hat bekannt gegeben, dass es ein nicht bindendes Übernahmeangebot von einer nicht benannten Partei erhalten hat. Der Vorstand des Unternehmens wird zusammen mit seinen Beratern das Angebot bewerten, um den besten Handlungsverlauf für das Unternehmen und seine Aktionäre zu bestimmen. Morgan Stanley & Co. und Evercore fungieren als Finanzberater, während Davis Polk & Wardwell LLP als Rechtsberater agiert. Summit hat erklärt, dass es keine weiteren Updates geben wird, es sei denn, dies ist gesetzlich vorgeschrieben.
- Receipt of acquisition proposal indicates potential value recognition and strategic interest in the company
- Uncertainty regarding deal completion as proposal is non-binding
- information disclosure and updates promised only if legally required
Insights
This potential acquisition news is highly significant for Summit Materials, a major construction materials company valued at
The non-binding nature and lack of disclosed terms suggest this is in early stages, but the formal announcement indicates material significance. Summit's construction materials business, with its strategic assets in aggregates and cement, makes it an attractive target in a sector where scale and vertical integration are increasingly important. The timing aligns with industry consolidation trends and could potentially unlock significant shareholder value through synergies.
The careful wording of this disclosure reflects strict compliance with SEC regulations regarding material corporate events. The company's engagement of Davis Polk & Wardwell, a top-tier law firm, indicates complex legal considerations are being evaluated. The statement's deliberate limitation on future updates, except as legally required, is standard practice to maintain negotiating leverage and manage disclosure obligations.
Shareholders should note that non-binding proposals often face significant regulatory scrutiny, particularly in the construction materials sector where antitrust concerns can be substantial. The Board's fiduciary duty review process, supported by multiple advisors, suggests a thorough evaluation of all strategic alternatives.
The Company has held initial discussions with the interested party, and, in consultation with its advisors, Summit's Board of Directors will carefully evaluate the proposal to determine the course of action it believes is in the best interests of the Company and its shareholders.
There can be no assurance that any definitive agreement will be reached. Summit does not plan to provide any updates with respect to this matter, except as required under applicable law.
Morgan Stanley & Co. LLC and Evercore are acting as financial advisors to Summit, and Davis Polk & Wardwell LLP is acting as legal advisor.
About Summit Materials, Inc.
Summit Materials is a market-leading producer of aggregates and cement with vertically integrated operations that supply ready-mix concrete and asphalt in select markets. Summit is a geographically diverse, materials-led business of scale that offers customers in the United States and British Columbia, Canada high quality products and services for the public infrastructure, residential and non-residential end markets. Summit has a strong track record of successful acquisitions since its founding and continues to pursue high-return growth opportunities in new and existing markets. For more information about Summit Materials, please visit www.summit-materials.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include all statements that do not relate solely to historical or current facts, and you can identify forward-looking statements because they contain words such as "believes, " "expects," "may," "will," "should," "seeks," "intends," "trends," "plans," "estimates," "projects" or "anticipates" or similar expressions that concern our strategy, plans, expectations or intentions. These forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results, performance or achievements to be different from future results, performance or achievements expressed or implied by such forward-looking statements. We derive many of our forward-looking statements from our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, it is very difficult to predict the effect of known factors, and, of course, it is impossible to anticipate all factors that could affect our actual results.
In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be realized. Important factors could affect our results and could cause results to differ materially from those expressed in our forward-looking statements, including but not limited to the factors discussed in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 30, 2023, and Quarterly Report on Form 10-Q for the fiscal quarter ended March 30, 2024. Such factors may be updated from time to time in our periodic filings with the Securities and Exchange Commission ("SEC"), which are accessible on the SEC's website at www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.
Contact Information
Andy Larkin
VP, Investor Relations
Summit Materials, Inc.
andy.larkin@summit-materials.com
720-618-6013
Jim Barron/Benjamin Spicehandler/Danielle Berg
FGS Global
Summit@fgsglobal.com
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SOURCE Summit Materials, Inc.
FAQ
What is the status of Summit Materials' (SUM) acquisition proposal as of October 24, 2024?
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