Summit Materials Responds to Media Reports
Summit Materials (NYSE: SUM) has responded to media reports by confirming its previous disclosure of receiving a non-binding acquisition proposal and having initial discussions with an interested party. The company stated it will not provide further updates on this matter unless required by law. Morgan Stanley & Co. and Evercore are serving as financial advisors, while Davis Polk & Wardwell LLP is acting as legal advisor to Summit.
Summit Materials (NYSE: SUM) ha risposto ai report dei media confermando il suo precedente annuncio riguardante la ricezione di una proposta di acquisizione non vincolante e l'avvio di discussioni iniziali con un parte interessata. L'azienda ha dichiarato che non fornirà ulteriori aggiornamenti su questa questione a meno che non sia richiesto dalla legge. Morgan Stanley & Co. ed Evercore stanno fungendo da consulenti finanziari, mentre Davis Polk & Wardwell LLP agisce come consulente legale per Summit.
Summit Materials (NYSE: SUM) ha respondido a los informes de los medios confirmando su divulgación previa sobre la recepción de una propuesta de adquisición no vinculante y haber iniciado discusiones iniciales con una parte interesada. La empresa declaró que no proporcionará actualizaciones adicionales sobre este asunto a menos que lo exija la ley. Morgan Stanley & Co. y Evercore están actuando como asesores financieros, mientras que Davis Polk & Wardwell LLP actúa como asesor legal de Summit.
Summit Materials (NYSE: SUM)은 언론 보도에 응답하여 비구속 인수 제안(non-binding acquisition proposal)을 받은 사실과 관심 있는 측과의 초기 논의가 있었다고 확인했습니다. 회사는 법률에 의해 요구되지 않는 한 이 문제에 대한 추가 업데이트를 제공하지 않을 것이라고 밝혔습니다. Morgan Stanley & Co.와 Evercore가 재정 상담 역할을 하고 있으며, Davis Polk & Wardwell LLP가 Summit의 법적 자문 역할을 하고 있습니다.
Summit Materials (NYSE: SUM) a répondu aux rapports des médias en confirmant sa divulgation précédente concernant la réception d'une proposition d'acquisition non contraignante et les premières discussions avec une partie intéressée. L'entreprise a déclaré qu'elle ne fournirait pas d'autres mises à jour sur cette affaire, sauf si la loi l'exige. Morgan Stanley & Co. et Evercore agissent en tant que conseillers financiers, tandis que Davis Polk & Wardwell LLP est le conseiller juridique de Summit.
Summit Materials (NYSE: SUM) hat auf Medienberichte reagiert und seine vorherige Bekanntgabe bestätigt, dass es ein nicht-bindendes Übernahmeangebot erhalten hat und erste Gespräche mit einer interessierten Partei geführt hat. Das Unternehmen erklärte, dass es keine weiteren Informationen zu diesem Thema bereitstellen wird, es sei denn, dies ist gesetzlich vorgeschrieben. Morgan Stanley & Co. und Evercore fungieren als finanzielle Berater, während Davis Polk & Wardwell LLP als rechtlicher Berater von Summit tätig ist.
- Receipt of acquisition proposal indicates potential M&A interest
- Engagement of top-tier financial and legal advisors suggests serious consideration of proposal
- Non-binding nature of proposal indicates uncertainty in deal completion
- transparency with no future updates planned unless legally required
Insights
The confirmation of acquisition talks represents a significant development for Summit Materials, a major player in construction materials. While details remain , the involvement of top-tier financial advisors Morgan Stanley and Evercore signals serious consideration of the proposal. The company's
The deliberate choice to limit future updates suggests negotiations are at a sensitive stage. Construction materials companies are increasingly seeking consolidation to achieve economies of scale and expand geographic presence. Any potential deal would likely need to offer a premium to current valuation to gain shareholder approval. The timing aligns with industry consolidation trends driven by infrastructure spending and construction demand.
"Summit previously disclosed receipt of a non-binding acquisition proposal and confirmed the Company has held initial discussions with the interested party. 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
View original content to download multimedia:https://www.prnewswire.com/news-releases/summit-materials-responds-to-media-reports-302313532.html
SOURCE Summit Materials, Inc.
FAQ
What acquisition proposal did Summit Materials (SUM) receive in November 2023?
Who are the financial advisors for Summit Materials (SUM) regarding the acquisition proposal?
Will Summit Materials (SUM) provide updates about the acquisition proposal?
