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