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Vulcan Materials, Florida Rock merger to close Nov. 16
By Devika Patel
Knoxville, Tenn., Nov. 6 - Vulcan Materials Co. and Florida Rock Industries, Inc. jointly announced that their planned merger is expected to close on Nov. 16.
The companies also said the deadline for Florida Rock shareholders to elect whether to receive cash consideration, stock consideration or a combination has been set for 5 p.m. ET on Nov. 14 and at 5 p.m. ET on Nov. 13 for participants in certain Florida Rock profit-sharing plans. The companies said that Florida Rock shareholders who hold their shares in "street name" may have an earlier election deadline.
As previously reported, Vulcan Materials signed a definitive agreement on Feb. 20, 2007 to acquire Florida Rock in a cash and stock transaction valued at approximately $4.6 billion, or about $68.03 per share.
The acquisition, unanimously approved by both companies' boards of directors, was originally expected to close in mid-2007.
Vulcan Materials shareholders will receive one share of common stock in a new holding company for each Vulcan Materials share, and Florida Rock shareholders can elect to receive either 0.63 of a share of the new holding company, $67.00 in cash or a combination of cash and shares for each Florida Rock share.
Both Vulcan Materials, based in Birmingham, Ala., and Florida Rock, located in Jacksonville, Fla., produce construction aggregates and other construction materials.
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