KFDA - NewsChannel 10 / Amarillo, TX: newschannel10.comActivist claims win at Texas Industries
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DALLAS (AP) - A shareholder activist group said it believed its board nominees and proposals were approved during a Thursday meeting at cement maker Texas Industries Inc., but the company said final results aren't due until next week.
Shamrock Activist Value Fund LP, which owns 10.2 percent of the company's shares, said it believes all three of its nominees have been elected to the nine-member board at Thursday's annual meeting by a four-to-one margin.
It also thinks its three shareholder proposals were "overwhelmingly approved."
The proposals called on the board to declassify itself and hold annual elections for all directors; to implement majority voting in uncontested director elections; and to submit the company's takeover defense mechanism to a shareholder vote.
The company said in a release that it will publish the final results of the votes next week.
Texas Industries shares close up $1.12, or 2.8 percent, at $41.39 on Thursday.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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