STEVENSON, Md., Feb. 28, 2014 (GLOBE NEWSWIRE) -- The securities litigation firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Texas on behalf of all common stockholders of Texas Industries, Inc. ("TXI" or the "Company") (NYSE:TXI) asserting claims that the members of the Company's board of directors have breached fiduciary duties they owe to TXI shareholders.
TXI recently announced that it has entered into a definitive merger agreement to be acquired by Martin Marietta Materials, Inc. ("MLM") (NYSE:MLM). The claims asserted in the lawsuit concern whether the TXI Board of Directors breached their fiduciary duties to stockholders by failing to maximize shareholder value before agreeing to enter into this transaction, and whether MLM is underpaying for TXI shares.
According to the complaint, under the terms of the proposed transaction, TXI shareholders will receive 0.7 shares of MLM in exchange for each share of TXI they own. Based on the closing price of MLM shares on January 27, 2014, this represents a value of approximately $71.95 per share. According to Yahoo! Finance, at least one analyst following TXI has set a target price of $80.00 per share.
If you currently own common stock of TXI and would like to learn more about the lawsuit, you may email or call Brower Piven, who will, without obligation or cost to you, attempt to answer your questions. You may contact Brower Piven by email at firstname.lastname@example.org, by calling (410) 415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. The senior attorneys at Brower Piven have combined experience litigating securities and other class action cases of over 100 years.
Brower Piven, A Professional Corporation Stevenson, Maryland Charles J. Piven, 410-415-6616