Jan 28 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
Southeastern Asset Management and NNS Holding together have
about 50 percent stake in Texas Industries.
(Reporting by Mridhula Raghavan in Bangalore; Editing by Don