Nassef Sawiris, an Egyptian tycoon who holds a nearly 15 per cent stake in Texas Industries, according to regulatory documents, had also sought representation on the company’s board.
"I believe that having a new perspective on the company’s board – one with a keen knowledge of the industry and years of experience managing its ups and downs – can help Texas Industries develop a plan to improve shareholder value," Sawiris wrote in a letter to Chief Executive Melvin Brekhus on Wednesday.
The company said last month that it had considered Sawiris’s proposal "and does not believe it to be in the best long-term interest of all shareholders."
Sawiris’ letter was made public in a regulatory filing from his investment vehicle, NNS Holding. The filing said Sawiris intends to withhold votes for directors up for re-election "and to encourage other stockholders to do the same."
