Wolf Haldenstein Announces Investigation of the Acquisition of Texas Industries, Inc.
NEW YORK--(BUSINESS WIRE)--Wolf Haldenstein Adler Freeman & Herz LLP (“Wolf Haldenstein”), a leading securities law firm, announces that it is investigating the acquisition of Texas Industries, Inc. (“TXI” or “the Company”) (NYSE:TXI). The Company recently announced that it has entered into a definitive merger agreement to be acquired by Martin Marietta Materials, Inc. (“MLM”) (NYSE:MLM). Wolf Haldenstein’s investigation concerns potential legal claims against the Board of Directors of TXI for possible breaches of fiduciary duties and other violations of law related to the Company’s entry into this merger agreement. A lawsuit has been filed in the United States District Court for the Northern District of Texas.
The terms of the deal call for TXI shareholders to receive .7 MLM shares against every TXI share they own. Based on the closing price of MLM stock on January 27, 2014, this represents a value of approximately $71.95 per share, giving the entire transaction a total approximate value of $2.7 billion. Wolf Haldenstein is investigating whether or not the TXI Board of Directors acted in the Company’s shareholders’ best interests by adequately shopping the Company to get the best possible value. The $71.95 per share price that the merger agreement with MLM represents is significantly less than, for example, the price target for TXI stock of $80.00 per share set by at least one analyst on Bloomberg.
Wolf Haldenstein has represented individual and institutional investors for many years, serving as lead counsel in numerous cases in United States federal and state courts. Please visit the Wolf Haldenstein website (http://www.whafh.com) for more information about the firm. For further information on this matter please click here.
If you are a shareholder of Texas Industries, Inc. and would like additional information as to how the acquisition may affect your rights as a shareholder, please contact us at:
Gregory M. Nespole
Wolf Haldenstein Adler Freeman & Herz LLP
270 Madison Avenue
New York, New York 10016
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