Martin Marietta, TXI to take merger proposal to shareholders at month’s end
- Written by Concrete News
Sources: Martin Marietta Materials, Raleigh, N.C.; CP staff
Martin Marietta and Texas Industries have scheduled special shareholders meetings the morning of June 30 to consummate a merger agreement their boards unanimously approved in January. In Dallas, TXI shareholders will vote on a merger proposal netting .70 share of newly issued Martin Marietta stock for each TXI share. An hour later in North Carolina, Martin Marietta will seek approval to issue the additional shares.
A May 30 Securities and Exchange Commission filing notes that the stock-for-stock merger values each TXI share at $86.51, based on Martin Marietta shares’ prior day close at $123.77. The combined company will have a 70/30 ownership split between Martin Marietta and TXI shareholders; operate as Martin Marietta Materials Inc., based at present Raleigh headquarters; and, be positioned as a market-leading aggregates and heavy building materials supplier with low-cost, vertically integrated operations across some of the nation’s largest and fastest growing geographies.