OCI discloses stake in Texas Industries – considering takeover

OCI discloses stake in Texas Industries – considering takeover
23 October 2006

In a 13D filing on Texas Industries Inc. (TXI), Nassef Sawiris/NNS Holding and director and CEO of Orascom Construction Industries, disclosed a 2.3% stake (547,700 Shares). In addition to the shares, NNS Holding holds call options over an additional 1,641,620 shares maturing at various dates in January, February and March 2007, which, together with the shares, if exercised, will constitute up to approximately 9.1% of the issuer’s common stock.

In the filing the group noted that the common stock at current market prices is undervalued and represents an attractive investment opportunity. The group also noted that Mr. Sawiris has had communications with the issuer and it is anticipated that Mr. Sawiris may, from time to time, have discussions with management, the board of directors and other shareholders of the issuer.

The group also said it intended to actively monitor efforts by management to increase stockholder value. The group may also decide in the future to propose a transaction whereby all or a portion of the issuer be sold, and in connection therewith the group may seek to participate in such transaction or seek to acquire control of the issuer in a negotiated transaction or otherwise. If it should acquire control of the Issuer, it may transfer all or part of it to affiliated or unaffiliated persons. The group also may seek in the future to have one or more representatives elected to the board of directors or to propose other matters for consideration and approval by the Issuer’s stockholders or board of directors.
Published under Cement News