U.S Concrete Inc. (NASDAQ: USCR) stock declined by 0.66% at last close while the USCR stock price gained by 27.88% in the pre-market trading session. U.S. Concrete is a national provider of aggregates and concrete for infrastructural, residential, and commercial projects.
Significant Development
USCR has announced the completion of a final proposed merger. Vulcan will pay $74.00 per share in cash to buy all of the registered and existing shares of US Concrete common stock, for a net equity value of $1.294 billion, according to the terms of the deal. The deal has received majority consent from both companies’ boards of directors and is scheduled to conclude in the second half of 2021, depending on U.S. Concrete shareholder approval, regulatory clearance, and other normal closing conditions.
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U.S. Concrete, serves big, attractive urban regions that complement Vulcan’s current presence. The acquisition of U.S. Concrete’s portfolio provides a natural addition to Vulcan’s company, with 27 aggregates operations covering California, Texas, and the Northeast and shipping 12.6 million tons in 2020. Vulcan’s service capabilities will be enhanced by the acquisition of strategically located ready-mixed concrete facilities.
Tom Hill, Chairman and CEO of Vulcan Materials Company, commented:
In a lot of ways, U.S. Concrete is a critical Vulcan client, and this purchase is a natural and exciting next step in their growth plan as they expand their regional reach. Ronnie Pruitt and his staff have done an outstanding job building and running Vulcan, and they are excited to welcome the U.S Concrete team to the Vulcan family. This is a union of two business cultures that respect people, technology, operational processes, customer service, and the entrepreneurial spirit, and it positions Vulcan to produce long-term shareholder value even more.