Shareholder group says wins at Texas Inds. meeting

Shareholder group claims winning board seats, proposals at Texas Industries' meeting

• On 4:33 pm EDT, Wednesday October 28, 2009

BURBANK, Calif. (AP) -- A shareholder activist group said Wednesday its board nominees and proposals were approved last week at the annual meeting of cement maker Texas Industries Inc.

Shamrock Activist Value Fund LP, which owns 10.2 percent of the Dallas company's shares, said all three of its nominees were elected to the nine-member board at the meeting Thursday. It said they won by a margin of 4-to-1.

A call seeking comment from a Texas Industries spokesman was not immediately returned.

Shamrock said it received 20.6 million votes, more than 90 percent of the total, for a proposal requesting the board to hold annual elections for all directors.

It also said it received 20.6 million votes requesting the board submit for a shareholder vote a "poison pill," a strategy used by a target company to make its stock less attractive to a potential acquirer.

In addition, the group said 88 percent of the shares backed its proposal requesting the board establish majority voting in uncontested director elections.

"We believe these results send a positive message that Texas Industries shareholders expect directors to be responsive and accountable," said Dennis A. Johnson, one of the three Shamrock Activist Value Fund nominees and managing director of Shamrock Capital Advisors, the investment manager for the Shamrock Activist Value Fund.

Texas Industries shares fell $2.36, or 6 percent, to end Wednesday at $33.41.

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