RBC Capital downgraded Summit Materials (SUM) to Sector Perform from Outperform with a price target of $52.50, down from $54, after the company announced that it has entered into a definitive agreement to be acquired by Quikrete for $52.50 in an all-cash transaction. The firm’s view is that the acquisition has “a very high likelihood of consummation,” the analyst tells investors.
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Read More on SUM:
- 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
- Summit Materials ‘does not plan to provide any updates’ on talks unless required
- Summit Materials near deal to be acquired by Quikrete, WSJ reports