Wohl & Fruchter: SUM Alert: Monsey Firm of Wohl & Fruchter Investigating Fairness of the Sale of Summit Materials to Quikrete Holdings

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 ...Full story available on Benzinga.com