(Bloomberg) -- Quikrete Holdings Inc. has approached Summit Materials Inc. about a potential takeover, people familiar with the matter said.

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The privately held building materials maker is working with advisers as it pursues a bid for Denver-based Summit, the people said, asking not to be identified discussing confidential information. The price per share being discussed is in the “low 50s,” one of the people said.

Summit said in a statement Thursday that it had received a non-binding acquisition proposal and has held initial discussions with the interested party, which it didn’t identify. Morgan Stanley and Evercore Inc. are advising Summit and the offer will be carefully evaluated by the company’s board, according to the statement.

The deliberations are ongoing and the price being discussed and other terms could change, or the companies could decide against a combination, the people said. A representative for Quikrete couldn’t immediately be reached for comment.

Summit’s shares, which had previously gained only 5.6% this year, rose as much as 13% on Thursday. The shares closed up 6.6% to $43.29 in New York, giving the company a market value of about $7.7 billion.

Any deal for Summit would come little more than a year after the company agreed to merge with the US operation of Colombian concrete maker Cementos Argos in a $3.2 billion deal. Soon after, Bloomberg News reported that Summit had been the subject of a takeover approach from Heidelberg Materials AG.

The value of deals in the building materials sector is up by more than a third this year at $59 billion, data compiled by Bloomberg show, fueled by transactions including Owens Corning’s agreement to buy doormaker Masonite International Corp. for $3.9 billion.

(Updates with Summit statement in third paragraph.)

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