JPMorgan downgraded Summit Materials (SUM) to Neutral from Overweight with a price target of $52.50, up from $43, after the company entered into a definitive agreement to be acquired by Quikrete Holdings for $52.50 per share in cash. Cementos Argos has agreed to vote all of its shares in favor of the transaction, and a simple majority is needed from shareholders for the transaction to close, the analyst tells investors in a research note.
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Read More on SUM:
- Quikrete Acquires Rival Summit Materials (SUM) for $11.5 Billion
- Summit Materials downgraded to Sector Perform from Outperform at RBC Capital
- Summit Materials Announces Merger with Quikrete Holdings
- Summit Materials to be acquired by Quikrete for $52.50 per share in cash
- Summit Materials takeout price in ‘mid-$50s’ seems ‘reasonable,’ says Jefferies