Summit Materials has been revealed as the US$3.8bn bidder for Ash Grove Cement, according to a Reuters' source. The bid was submitted last week to trump an earlier takeover bid from Irish building materials firm CRH Plc.
Ash Grove said earlier on Friday that it had received a new bid from an unnamed party which valued the business at US$3.7-US$3.8bn.
The source said Summit Materials’ bid was submitted on Thursday and is currently being considered by Ash Grove’s board. It could be the start of a bidding war with CRH, which last month agreed to buy Ash Grove for a total consideration of US$3.5bn.