DENVER, Oct. 24, 2024 — Summit Materials, Inc. (NYSE: SUM) (“Summit,” “Summit Materials,” “Summit Inc.” or the “Company”) today announced that it has received an unsolicited acquisition proposal.

The Company has engaged in preliminary discussions with the interested party, and, after consulting with its advisors, Summit’s Board of Directors will thoroughly evaluate the proposal to determine the best course of action for the Company and its shareholders.

There is no guarantee that a definitive agreement will be reached. Summit does not intend to provide updates regarding this matter unless legally required.

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 leading producer of aggregates and cement, with vertically integrated operations providing ready-mix concrete and asphalt in specific markets. Summit is a geographically diverse, materials-focused business with substantial scale, offering customers in the United States and British Columbia, Canada high-quality products and services for public infrastructure, residential, and commercial end markets. Summit has a proven track record of successful acquisitions since its inception and continues to pursue high-return growth opportunities in both new and existing markets. For more information about Summit Materials, please visit .

Cautionary Statement Regarding Forward-Looking Statements  
This press release contains “forward-looking statements” as defined by federal securities laws, which carry inherent risks and uncertainties. Forward-looking statements encompass all statements that do not pertain solely to historical or present facts, and they can be identified by the use of words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “intends,” “trends,” “plans,” “estimates,” “projects,” or “anticipates,” or similar expressions that relate to our strategy, plans, expectations, or intentions. These forward-looking statements are subject to risks, uncertainties, and other factors that could cause our actual results, performance, or achievements to differ from the future results, performance, or achievements expressed or implied by such forward-looking statements. Many of our forward-looking statements are derived from our operating budgets and forecasts, which are based on numerous detailed assumptions. While we believe these assumptions are reasonable, it is exceptionally challenging to predict the impact of known factors, and, naturally, it is impossible to anticipate all factors that could influence our actual results.   

Given the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be construed as a representation by us or any other person that the results or conditions described in these statements, or our objectives and plans, will be realized. Important factors could affect our results and cause actual 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. These 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 assume 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.

720-618-6013

Jim Barron/Benjamin Spicehandler/Danielle Berg
FGS Global
 

 

SOURCE Summit Materials, Inc.