Martin Marietta Materials Inc. (NYSE:MLM) expects to enter an agreement with the U.S. Department of Justice that will resolve competition issues with respect to the company's proposed acquisition of Texas Industries Inc. (NYSE: TXI). Martin Marietta believes that the agreement will be finalized this week.
While Martin Marietta is not in a position to state the terms of the agreement until it is final, it anticipates the divestiture of Martin Marietta's North Troy aggregates quarry in Mill Creek, OK, and two rail yards located in Dallas and Frisco, TX.
Completion of the acquisition of TXI is also subject to approval from both Martin Marietta and TXI shareholders. On June 30, 2014, Martin Marietta and TXI will each hold special meetings of their respective shareholders to vote on various proposals in connection with the proposed acquisition. Martin Marietta anticipates closing the acquisition shortly after securing shareholder approval. Martin Marietta and TXI shareholders of record as of the close of business on May 28, 2014 are entitled to vote at the special meetings of their respective shareholders.