Martin Marietta Materials Inc is in advanced talks to purchase construction material supplier Texas Industries Inc, Bloomberg reported, citing people familiar with the matter. Shares of Texas Industries, valued at about $2 billion as of Thursday's close, rose as much as 13 percent to $77.40 in afternoon trading.No deal value was mentioned, but the report said an agreement could be announced as early as next week. ()The deal could be an all-stock transaction, Bloomberg said, citing a source.Texas Industries was not immediately available for comment. Martin Marietta declined comment.
Martin Marietta Materials, Inc. is the producer of aggregates products (crushed stone, sand, and gravel) for the construction industry, including infrastructure, nonresidential, residential, railroad ballast, agricultural, and chemical grade stone used in environmental applications. Shares of MLM fell by 2.98% or $-3.25/share to $105.92. In the past year, the shares have traded as low as $93.03 and as high as $113.65. On average, 495395 shares of MLM exchange hands on a given day and today's volume is recorded at 2339156.
Texas Industries, Inc. is a supplier of heavy construction materials in the southwestern United States. Shares of TXI traded higher by 4.13% or $2.84/share to $71.53. In the past year, the shares have traded as low as $53.23 and as high as $75.30. On average, 155268 shares of TXI exchange hands on a given day and today's volume is recorded at 903101.
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