Martin Marietta-Texas Industries merger approved by shareholders

Shareholders from both Martin Marietta Materials Inc. and Texas Industries overwhelmingly approved the proposed combination of the two companies at their respective meetings.

According to a press release, more than 99 percent of the shares voting at the Texas Industries meeting voted in favor of the proposal to adopt the merger agreement. More than 98 percent of the shares voting at the Martin Marietta meeting voted in favor of the proposal to approve the issuance of Martin Marietta common stock to Texas Industries stockholders.

The boards of directors of both Martin Marietta and Texas Industries previously approved an agreement under which the companies will combine, with Texas Industries becoming a wholly owned subsidiary of Martin Marietta in a tax-free, stock-for-stock transaction. Martin Marietta and Texas Industries have now received all necessary approvals and expect the transaction to close promptly.