MONSEY, N.Y., Nov. 25, 2024 (GLOBE NEWSWIRE) — The law firm of Wohl & Fruchter LLP is 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: Philip Ng at Jefferies ($58.00 per share); Garik Shmois at Loop Capital ($54.00 per share); and Michael Dahl at RBC Capital ($54.00 per share) (source: TipRanks).
If you remain a Summit shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/summit-materials/
Alternatively, you may contact us by phone at 866-833-6245, or via email at [email protected].
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.”
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
[email protected]
www.wohlfruchter.com
