Sources: Securities & Exchange Commission; CP staff
A series of late-June trades has positioned Memphis-based Southeast Asset Management Inc. and its Longleaf Partners Small-Cap Fund with nearly 5.8 million of Texas Industries’ approximately 27.9 million outstanding shares of common stock. The trades were completed at just under $40/share—versus a July 5 closing price of $41.90—and consolidate a Southeast Asset/Longleaf TXI stake of about 20.7 percent. Citing interest in “undervalued companies,” Longleaf Partners effected its first major TXI trade, equating to a 12.7 percent stake, in fall 2006.
Sources: National Oilwell Varco Inc., Houston; CP staff
The National Oilwell Varco (NOV) and Ameron boards have unanimously approved the former company’s proposed acquisition of Ameron for approximately $772 million in cash. The deal values Pasadena, Calif.-based Ameron, a longtime concrete producer but better known for composites and steel products, at $85/share—a 27 percent premium to what its shares had traded on the New York Stock Exchange leading into the July 4 weekend. Closing is subject to approval by a majority of Ameron shareholders, and could occur as early as the fourth quarter of 2011.