NEW YORK (AP) - Martin Marietta Materials is buying Texas Industries in an all-stock deal worth $2.06 billion.
NEW YORK (AP) — Martin Marietta Materials is buying Texas Industries in an all-stock deal worth $2.06 billion.
Martin Marietta says the combined company will be a leading supplier of aggregates and heavy building materials with a strong presence in large, fast-growing markets. Texas Industries shareholders will get 0.7 shares of Martin Marietta for each share held. Based on Monday's closing price, that amounts to $71.95 per share, a premium of less than 1 percent from Texas Industries' closing price of $71.54.
Martin Marietta will also assume $700 million in Texas Industries debt.
Martin Marietta sells granite, limestone, sand and gravel, and it had $2.16 billion in revenue in 2013. Texas Industries makes cement and building materials, and it had $697 million in revenue in its latest fiscal year.