Martin Marietta to buy Texas Industries for about $2.06 bln

Tue Jan 28, 2014 7:24am EST

Jan 28 (Reuters) - Construction material supplier Martin Marietta Materials Inc said it would buy Texas Industries Inc for about $2.06 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 percent 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.

Southeastern Asset Management and NNS Holding together have about 50 percent stake in Texas Industries. (Reporting by Mridhula Raghavan in Bangalore; Editing by Don Sebastian)