Texas Industries has reached an agreement with its largest shareholder, NNS Holding, a holding company controlled by Nassef Sawiris, for the early termination of its shareholder rights agreement
Texas Industries has reached an agreement with its largest shareholder, NNS Holding, controlled by Nassef Sawiris, for the early termination of its shareholder rights agreement.
Accordingly, TXI will change the expiration date of its shareholder rights plan from Nov. 1, 2012, to Dec. 31, 2010, and raise to 20% (from 15%) the percentage of common stock a shareholder may own before becoming an "acquiring person," as defined in the Rights Agreement. In return, NNS Holding's Sawiris has agreed to limit his ownership to no more than 20% of outstanding TXI common stock and refrain from certain other actions with respect to TXI through Dec. 31, 2011.
"We are pleased that Mr. Sawiris has expressed his support for TXI and requested the opportunity to increase his ownership of the company," said Mel Brekhus, CEO. "The board of directors was unanimous in its support of this agreement, and we will continue our efforts and our focus on increasing value for all shareholders."