Quikrete is in talks to acquire Summit Materials, sources say
Adds Summit's statement in paragraphs 4-5
By Anirban Sen
NEW YORK, Oct 24 (Reuters) -Building materials provider Quikrete has approached rival Summit Materials SUM.N, which has a market value of more than $7 billion, with an acquisition offer, people familiar with the matter said on Thursday.
Quikrete, which is privately held, is working with its advisers on the bid for Summit Materials and the talks are at an early stage, the sources said, requesting anonymity as the discussions are confidential.
Summit Materials trades at a discount to peers like Vulcan Materials VMC.N and Martin Marietta Materials MLM.N, making it an attractive acquisition target.
Summit Materials on Thursday said that it had received a non-binding acquisition proposal and was in initial discussions, without disclosing any further details.
The board will carefully evaluate the offer, it said in the statement, adding there was no assurance of a definitive agreement.
Quikrete did not immediately respond to a request for comment.
The talks come as increased U.S. government spending on infrastructure has boosted prospects for suppliers of building products.
Miter Brands, which is backed by Koch Industries, this year agreed to buy PGT Innovations, a U.S. maker of vinyl and aluminum doors and windows, for $3.1 billion, including debt.
Founded in 1940, Atlanta, Georgia-based Quikrete is one of the biggest manufacturers of packaged concrete and cement mixes in North America.
Denver, Colorado-based Summit Materials is a provider of construction materials such as cement, ready-mix concrete, and asphalt and also offers services such as construction and paving. Last year, Summit struck a $3.2 billion deal to merge with the U.S. business of Colombia-based building materials company Cementos Argos.
Both Quikrete and Summit Materials operate in the U.S. and Canada.
Summit Materials shares closed up more than 6% on Thursday after Bloomberg reported on the talks.
Reporting by Anirban Sen in New York, additional reporting by Sabrina Valle and Surbhi Misra; Editing by Leslie Adler and Lisa Shumaker
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