Summit Materials Holdings Inc. is reportedly pondering a purchase of rival Ash Grove Cement Co. for $3.8 billion.
It would be the Denver company's (NYSE: SUM) largest purchase ever since it went public two years ago. The company supplies aggregates, cement, ready-mix concrete and asphalt in the U.S. and Canada.
Kansas-based Ash Grove has also received a $3.5 billion offer from CRH plc of Ireland.
On Thursday, Ash Grove acknowledged Summit's interest, saying in a statement tha t "such proposal could reasonably be expected to result in a superior proposal and has determined to engage with such third party regarding its proposal." Reuters reported that the unidentified third party was Summit Materials.
Read more at the Denver Business Journal: http://bit.ly/2yLocfq