Texas Industries, dissidents blast each other

Texas Industries, dissidents rip each other days before annual meet; proxy group weighs in

• On 3:36 pm EDT, Monday October 12, 2009

NEW YORK (AP) -- A second proxy advisory firm urged Texas Industries Inc. shareholders Monday to support director nominees and governance proposals by a dissident stock holder group as both the cement maker and the dissidents traded accusations ahead of the annual meeting next week.

RiskMetrics Group urged shareholders to support the three director nominees of Shamrock Activist Value Fund LP and its three governance proposals.

Last week, Proxy Governance Inc. issued a similar recommendation.

Shareholders are set to cast their votes on Oct. 22.

Meanwhile, representatives of both Dallas-based Texas Industries and Shamrock, who have been in talks recently, blasted one another publicly.

Shortly before the markets opened Monday, Texas Industries CEO Mel Brekhus said the company had made "significant concessions" to Shamrock but that Shamrock responded with "unreasonable" demands.

By early afternoon Shamrock responded publicly, with Managing Director Dennis A. Johnson calling Brekhus' statements "inaccurate and disingenuous."

Shamrock holds a 10.2 percent stake in Texas Industries, which holds its annual meeting on Oct. 22.

Several investors already have publicly supported Shamrock's efforts, including Southeastern Asset Management Inc., with about 9 percent of Texas Industries stock, and Nassef Sawiris, a director of private investment group NNS Holding, who holds about 15 percent of the shares.

In afternoon trading, shares fell 5 cents to $41.48.

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