Vulcan Materials closes acquisition |
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Published
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Fri, 16 Nov 2007 17:25
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BIRMINGHAM, Ala. (AP) - Construction materials producer Vulcan Materials Co. said Friday it completed its acquisition of Florida Rock Industries Inc.Vulcan Materials paid about $4.2 billion for the cement and concrete products manufacturer, based on its closing price of $63.57 Thursday.The acquisition bolsters Vulcan's operations in Florida and diversifies its presence in the Southeast and mid-Atlantic regions, where Florida Rock operated.As part of the agreement, shareholders of Vulcan Materials will receive one share of common stock in a new holding company for each share of Vulcan Materials they own. Former Florida Rock stockholders will receive 0.63 shares of the new holding company or $67 in cash for each Florida Rock share, subject to proration so that 70 percent of the exchange is in cash and the rest in stock.Vulcan Materials and Florida Rock will operate as subsidiaries of the new holding company.Shares of Vulcan Materials fell $1.32 to $81.99 in morning 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 This material may not be published, broadcast, rewritten, or redistributed.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 