Vulcan gets okay for Florida Rock deal |
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Thu, 15 Nov 2007 17:16
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BIRMINGHAM, Ala. (AP) - Asphalt and concrete supplier Vulcan Materials Co. said Thursday it received clearance from the Department of Justice for its $4.6 billion takeover of Florida Rock Industries Inc.In order to get the regulatory approval for the deal, Vulcan said it agreed to sell some of its operations in Tennessee, Georgia and Virginia.Vulcan, which said it now expects the Florida Rock deal to close Friday, first offered to buy Florida Rock in February for about $68.03 per share in a cash-and-stock deal. The price was a 45 percent premium to Florida Rock's closing price before the deal was announced.Florida Rock, based in Jacksonville, Fla., produces construction aggregates, cement, concrete and concrete products. Aggregates include sand, gravel and crushed rock used in building.Vulcan shares rose $2.31 to $85.60 in midday trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Vulcan Materials, Florida Rock get Department of Justice OK on acquisition 