Jan 24 (Reuters) - Martin Marietta Materials Inc is in advanced talks to buy construction material supplier Texas Industries Inc, Bloomberg reported, citing people familiar with the matter.
Shares of Texas Industries, valued at about $2 billion as of Thursday’s close, rose as much as 13 percent to $77.40 in afternoon trading.
No deal value was mentioned, but the report said an agreement could be announced as early as next week. ()
The deal could be an all-stock transaction, Bloomberg said, citing a source.
Texas Industries was not immediately available for comment. Martin Marietta declined comment.
Texas Industries put itself up for sale and was working with Citigroup to find a buyer, Bloomberg reported last month.
Martin Marietta was trading down 3 percent at $106.02 on the New York Stock Exchange.