U.S. Concrete Pays a High Price to Steal Polaris Materials From Vulcan Materials’ Hands
On Sept. 29, U.S. Concrete announced that it had outbid Vulcan Materials to acquire Polaris Materials. U.S. Concrete is offering Polaris shareholders CAD 3.40 per share, surpassing Vulcan’s offer of CAD 2.79 per share. We had already viewed Vulcan’s offer price as too high, considering that it represented a whopping 194% premium to the 10-day average prior to the announcement.When it came to Vulcan, we didn’t expect the pricey acquisition to affect value materially, as the purchase price repres...
Vulcan Materials is a supplier of construction aggregates and a producer of asphalt mix and ready-mixed concrete. The company has four segments: Aggregates, which produces and sells aggregates (crushed stone, sand and gravel, sand, and other aggregates) and related products and services; Asphalt, which produces and sells asphalt mix in Alabama, Arizona, California, New Mexico, Tennessee and Texas, and includes asphalt construction paving in Alabama, Tennessee and Texas; Concrete, which produces and sells ready-mixed concrete; and Calcium, which consists of a Florida facility that mines, produces and sells calcium products.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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