Summit Materials reportedly making huge $3.8B bid to buy rival

DENVER BUSINESS JOURNAL - 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.

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