Vulcan Materials says most Florida Rock shareholders elect to receive cash in merger deal

By Lisa Kerner

Charlotte, N.C., Nov. 21 - Vulcan Materials Co. released the final results of the election of merger consideration made by former Florida Rock Industries, Inc. shareholders.

Valid elections were made for 64,316,025 shares, or 96.4% of the outstanding shares.

Holders of 57,176,780 shares, or 85.7%, elected to receive $67 in cash per share, and holders of 7,139,245 shares, or 10.7%, elected to receive 0.63 of a share in a new holding company for each Florida Rock share.

Under the companies' Feb. 19, 2007 agreement, Vulcan stockholders will receive one share of common stock in the new holding company for each Vulcan share they hold.

Vulcan completed its $4.2 billion acquisition of Florida Rock on Nov. 16.

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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