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Martin Marietta Materials Inc and Texas Industries agree to combine

Tuesday, 28 Jan 2014 07:00am EST 

Martin Marietta Materials Inc and Texas Industries, Inc:Says the Boards of Directors of both companies have unanimously approved a definitive merger agreement under which Martin Marietta will acquire all of the outstanding shares of Texas Industries common stock in a tax-free, stock-for-stock transaction.Says under the terms of the merger agreement, Texas Industries shareholders will receive 0.700 Martin Marietta shares for each share of Texas Industries common stock they own at closing.Says based on the closing market prices for the shares of both companies on Jan. 27, and their debt levels as of their most recently completed quarters, the combined company will have an enterprise value of about $8.5 bln.Says J.P. Morgan, Deutsche Bank and Barclays are serving as Martin Marietta`s financial advisors and Cravath, Swaine & Moore LLP is serving as its legal advisor; Citigroup is serving as Texas Industries` financial advisor, and Wachtell, Lipton, Rosen & Katz is serving as its legal advisor. 

Company Quote

-4.8 -4.02%
11:43am EST