July 1, 2014
Martin Marietta Materials and Texas Industries have each received approval from their shareholders for the two companies to merge, investment research site Zacks reports.
The two companies announced the acquisition in January and earned approval from the U.S. Department of Justice (DOJ) last week. The DOJ requires Martin Marietta to divest certain assets, including its North Troy quarry in Oklahoma and two rail yards in Texas.
The acquisition could make Martin Marietta the largest aggregate and heavy building material producer, according to the report. The deal also adds cement to the company’s portfolio.
According to the report, about 98 percent of Martin Marietta shareholders voted for the merger, while 99 percent of Texas Industries shareholders approved.
Now that the acquisition has shareholder approval, the deal is expected to close soon.