After The Wall Street Journal said Quikrete Holdings is in advanced talks to acquire Summit Materials (SUM) and a deal reportedly could be announced as early as next week, Jefferies noted early reports of pushback on a low $50s offer price per Bloomberg. Now that the reporting suggests talks have since advanced, the firm sees upside from those levels and suspects “a mid-$50s+ takeout prices seems reasonable.” The firm has a Buy rating and $58 price target on Summit shares.
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Read More on SUM:
- Summit Materials near deal to be acquired by Quikrete, WSJ reports
- Quikrete in advanced talks to acquire Summit Materials, WSJ says
- Summit Materials jumps 10% to $53.01 after WSJ report on buyout talks
- Summit Materials price target raised to $47 from $41 at DA Davidson
- Summit Materials price target raised to $60 from $47 at Truist