Summit Materials shareholders approve transaction agreement with Argos

Summit Materials announced that its shareholders have voted overwhelmingly to approve certain proposals related to the Transaction Agreement, dated September 7, 2023 by and among the Company, Argos North America, Cementos Argos, Argos SEM and Valle Cement Investments. Approximately 98.8% of the votes cast at today’s Special Meeting of Stockholders voted to approve a proposal to issue 54,720,000 shares of Summit’s Class A common stock, par value 1c per share, to Cementos Argos and its affiliates at the closing of the transactions contemplated by the Transaction Agreement. Additionally, approximately 99.4% of the votes cast at today’s Special Meeting of Stockholders voted to approve a proposal to issue one share of Summit’s preferred stock, par value $0.01 per share, to Cementos Argos at the closing of the transactions contemplated by the Transaction Agreement. Each of these proposals are described in further detail in Summit’s definitive proxy statement filed with the U.S. Securities and Exchange Commission on December 12, 2023. The Transaction is expected to close on January 12, 2024, subject to the satisfaction of the remaining closing conditions set forth in the Transaction Agreement, which are described in further detail in the Proxy Statement.