We are investigating the fairness of the proposed sale of Summit Materials, Inc. (NYSE: SUM) (“Summit”) to Quikrete Holdings (“Quikrete”) for $52.50 per share in cash. The sale price represents only a tiny 1.6% premium to Summit’s last closing price of $51.66 per share on November 22, 2024.
Further calling the fairness of the deal into question, the sale price is below the pre-announcement price target for Summit of at least three top-ranked Wall Street analysts, as listed below (source: TipRanks).
If you remain a Summit shareholder and question the fairness of the price, you may contact our firm to discuss your legal rights at no charge by completing and submitting the form below.
Why is there an investigation?
On November 25, 2024, Summit announced that it had agreed to be sold to Quikrete for $52.50 per share in cash. The sale price represents only a tiny 1.6% premium to Summit’s last closing price of $51.66 per share on November 22, 2024.
Further calling the fairness of the deal into question, the sale price of $52.50 per share is below the pre-announcement price target for Summit of at least three top-ranked Wall Street analysts (source: TipRanks):
- Philip Ng at Jefferies ($58.00 per share)
- Garik Shmois at Loop Capital ($54.00 per share)
- Michael Dahl at RBC Capital ($54.00 per share)
“We are investigating whether the Summit Board of Directors acted in the best interests of Summit shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Summit shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”