Construction firm Martin Marietta to buy Texas Industries for about $2.6b
Published on Jan 28, 2014 9:08 PM
NEW YORK (REUTERS) - Construction material supplier Martin Marietta Materials is buying Texas Industries for about US$2.06 billion (S$2.6 billion) in stock.
Texas shareholders will receive 0.7 Martin Marietta shares for each Texas share held.
Martin Marietta shareholders are expected to own about 69 per cent of the combined company and Texas Industries shareholders the rest.
Texas Industries had put itself up for sale as its largest shareholders sought to exit their stakes, Bloomberg had reported in December.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!