DALLAS--(BUSINESS WIRE)--Kendall Law Group, led by former federal judge Joe Kendall, is investigating Texas Industries, Inc. (NYSE:TXI) for shareholders in connection with the definitive merger agreement under which Martin Marietta Materials, Inc. (NYSE:MLM) will acquire all outstanding shares of TXI common stock. The national securities firm’s investigation seeks to determine whether Texas Industries and its Board breached their fiduciary duties by entering into the agreement without properly shopping for a deal that would provide better value for shareholders. If you are a Texas Industries shareholder and would like additional information about your rights, contact Jamie McKey at the Kendall Law Group at 877-744-3728 or by email at firstname.lastname@example.org.
Today, the companies announced the definitive merger agreement under which Texas Industries will be acquired by Martin Marietta, in a stock for stock transaction valued at approximately $2.7 billion. Under the terms of the agreement, Texas Industries stockholders will receive 0.7 shares of MLM for each share of TXI common stock held, which represents only a 13 percent premium over the stock’s closing price before the deal was announced. Also, TXI stock closed at $74.68 as recently as May 2013. The deal is expected to close during the second quarter of 2014. The firm’s investigation seeks to determine whether Texas Industries and its Board undertook a fair process in negotiating the deal.
Kendall Law Group was founded by a former federal judge, includes a former United States Attorney, prosecutors and securities lawyers who are experienced in complex securities litigation. The firm has been counsel in numerous merger and acquisition cases nationwide, including some of the largest transactions in the United States.