October 6, 2017 / 11:20 AM / 11 days ago

Summit Materials makes $3.8 billion bid for Ash Grove Cement: source

Tom Hill (3rd L), CEO of cement maker Summit Materials Inc., claps before the company's IPO on the floor of the New York Stock Exchange March 12, 2015. REUTERS/Lucas Jackson

LONDON (Reuters) - U.S. cement maker Summit Materials (SUM.N) has made a $3.8 billion offer for rival Ash Grove Cement (ASHG.PK), a source familiar with the matter told Reuters, hoping to trump an earlier takeover bid from Irish building materials firm CRH Plc (CRH.I).

Ash Grove said earlier on Friday that it had received a new bid from an unnamed party which valued the business at $3.7-$3.8 billion.

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 $3.5 billion.

Reporting By Pamela Barbaglia; Editing by Rachel Armstrong

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