|RE- Infrastructure building acquisition trend|
Summit Materials makes $3.8 billion bid for Ash Grove Cement: source
Tom Hill (3rd L), CEO of cement maker Summit Materials Inc., claps before the company's IPO on the floor of the New York Stock Exchange March 12, 2015. REUTERS/Lucas Jackson
LONDON (Reuters) - U.S. cement maker Summit Materials ( SUM.N) has made a $3.8 billion offer for rival Ash Grove Cement ( ASHG.PK), a source familiar with the matter told Reuters, hoping to trump an earlier takeover bid from Irish building materials firm CRH Plc ( CRH.I).
Ash Grove said earlier on Friday that it had received a new bid from an unnamed party which valued the business at $3.7-$3.8 billion.
The source said Summit Materials’ bid was submitted on Thursday and is currently being considered by Ash Grove’s board.
It could be the start of a bidding war with CRH, which last month agreed to buy Ash Grove for a total consideration of $3.5 billion.