03:56 PM EST, 11/21/2024 (MT Newswires) -- Summit Materials ( SUM ) said Thursday that it will not provide any updates on a takeover proposal in response to media reports.

The company had previously said it received a non-binding acquisition proposal and has held initial talks with the interested party.

The Wall Street Journal reported earlier that Quikrete is in advance talks with the company on a takeover bid, hinting Summit being valued at nearly $8.5 billion.

Summit shares were up almost 6% in recent trading.

Price: 51.24, Change: +2.84, Percent Change: +5.87