{"id":790488,"date":"2024-11-25T11:36:54","date_gmt":"2024-11-25T16:36:54","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/sum-alert-monsey-firm-of-wohl-fruchter-investigating-fairness-of-the-sale-of-summit-materials-to-quikrete-holdings\/"},"modified":"2024-11-25T11:36:54","modified_gmt":"2024-11-25T16:36:54","slug":"sum-alert-monsey-firm-of-wohl-fruchter-investigating-fairness-of-the-sale-of-summit-materials-to-quikrete-holdings","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sum-alert-monsey-firm-of-wohl-fruchter-investigating-fairness-of-the-sale-of-summit-materials-to-quikrete-holdings\/","title":{"rendered":"SUM Alert: Monsey Firm of Wohl & Fruchter Investigating Fairness of the Sale of Summit Materials to Quikrete Holdings"},"content":{"rendered":"
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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) (\u201cSummit\u201d) to Quikrete Holdings (\u201cQuikrete\u201d) for $52.50 per share in cash. The sale price represents only a tiny 1.6% premium to Summit\u2019s last closing price of $51.66 per share on November 22, 2024.<\/p>\n

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).<\/p>\n

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:<\/p>\n

\n https:\/\/wohlfruchter.com\/cases\/summit-materials\/<\/a>\n <\/p>\n

Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com<\/a>.<\/p>\n

\n Why is there an investigation?<\/strong>
\n
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\u2019s last closing price of $51.66 per share on November 22, 2024.<\/p>\n

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):<\/p>\n