Texas Industries Investors Say $2.7B Sale Price Is Too Low

Law360, New York (February 26, 2014, 2:32 PM EST) -- A Texas Industries Inc. shareholder launched a putative class action in Texas federal court Tuesday, alleging that a deal to sell the cement maker to Martin Marietta Materials Inc. for $2.7 billion significantly undervalues the company while lining board members' pockets.

Named plaintiff Maxine Phillips accused Texas Industries CEO Mel Brekhus, Chairman Thomas Ransdell and eight other board members of breaching their fiduciary duty to the shareholders by not seeking the best possible price for the sale of the company to Raleigh, N.C.-based Martin Marietta and...
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