ISS and Glass Lewis recommend Summit Materials shareholders vote 'for' pending transaction with Cementos Argos

In making their respective recommendations, ISS and Glass Lewis stated in their reports dated 29 December 2023 and 24 December 2023:

• "Support for the transaction is warranted in light of compelling strategic rationale and the expected financial benefits. The combined entity will have increased scale, a more diversified geographic presence, and the transaction is expected to result in significant cost savings and be accretive to free cash flow per share." (ISS)
• "The deal should greatly enhance the Company's scale and geographic reach, which could better position the Company to take advantage of various anticipated tailwinds relating to the supply and demand for cement. The Company also expects to realise at least US$100 million in annual run-rate cost synergies from the proposed transaction through various means, including operational efficiencies, optimising sourcing and increased utilisation of the import terminals' network." (Glass Lewis)

"We appreciate the support of ISS and Glass Lewis for our combination with Argos USA, which highlights the significant benefits to accelerate our materials-led strategy", said Anne Noonan, Summit Materials President and CEO. "With enhanced scale and national reach, we are confident Summit will be well positioned to deliver profitable growth, generate significant synergies, and create superior value for our shareholders."

The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions, including approval by Summit Materials shareholders.

The Summit Board unanimously recommends that shareholders vote 'FOR' all proposals in the proxy statement in connection with the transaction.

Read the article online at: https://www.worldcement.com/the-americas/04012024/iss-and-glass-lewis-recommend-summit-materials-shareholders-vote-for-pending-transaction-with-cementos-argos/