According to Bloomberg, Heidelberg Materials is the mystery bidder that Summit Materials referenced in a recent proxy filing. The company said it had rejected two takeover proposals from an unnamed suitor with the latest made on Oct. 18 for $38 per share.
Bloomberg’s sources said Heidelberg has been working with advisers on its pursuit of Summit and made approaches in recent weeks. The bids come slightly over two years after Heidelberg sold assets in the western United States as part of CEO Dominik von Achten’s strategy to divest non-core businesses.
Last month, Summit agreed to acquire the U.S. operations of Cementos Argos. Summit said in the recent proxy filing that it rejected the takeover offers as it couldn’t determine if they would lead to a proposal superior to its $3.2 billion Cementos Argos deal.
Heidelberg’s intentions after the latest rejection are not clear.
