The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty to current shareholders of Texas Industries, Inc. (“TXI” or the “Company”) (NYSE: TXI) and other violations of state law by the board of directors of TXI relating to the proposed buyout of the Company by Martin Marietta Materials, Inc. (“MLM”).
Under the terms of the transaction, TXI shareholders will receive 0.7 shares of MLM for each share of TXI common stock they own. Based on the closing price of MLM stock 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 $90.00 per share.
The firm’s investigation seeks to determine, among other things, whether the Company’s board of directors breached their fiduciary duties by failing to maximize shareholder value before agreeing to enter into this transaction, and whether MLM is underpaying for TXI shares.
If you currently own common stock of TXI and would like to learn more about the investigation being conducted by Brower Piven, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentinvestigations.html. You may also request more information by contacting Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s.