Arcosa (ACA) has less likelihood of receiving a superior offer following CRH's (CRH) $150-per-share acquisition proposal, with the transaction expected to be completed as proposed and shares likely to trade closer to the offer price as closing conditions are satisfied, Oppenheimer said in a Friday note.

The firm said Arcosa's mix of construction materials and utility assets makes the company a strong strategic fit for CRH, with no competitive overlap in the engineered structures business.

Oppenheimer said a superior offer cannot be ruled out, but it views such an outcome as less likely.

The firm noted other utility structure manufacturers could face regulatory challenges in pursuing a transaction, while major construction materials companies may have limited interest in Arcosa's engineered structures business.

Oppenheimer downgraded Arcosa to perform from outperform and relinquished its $150 price target following the acquisition proposal.

Price: 145.09, Change: +0.13, Percent Change: +0.09