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Martin Marietta picks Wells Fargo to sell shares in $62 million fundraiser
Nov, 20 2009
(North Carolina) -- Raleigh-based Martin Marietta Materials has signed a distribution agreement with Well Fargo Securities to distribute up to 1.94 million shares of Martin Marietta common stock with an aggregate offering price of $62.3 million in blocks over time.
The materials supply firm outlined the agreement in a filing with the U.S. Securities & Exchange Commission.
Proceeds from the stock sale will be used for working capital and general corporate purposes, “which may include acquisitions,” the company says in the filing.
Sales of the shares, Martin Marietta says, will be made by means of ordinary brokers’ transactions on the New York Stock Exchange at market prices or at prices agreed to by the company and Wells Fargo.
In addition, the filing says, some shares might be sold directly to Wells Fargo for Wells’ own account, also at a price negotiated by the two parties.
Martin Marietta (NYSE:MLM) shares currently are trading in the $85.79 range, off the 52-week high of $108,49.
Triangle Business Journal - by Lee Weisbecker
SOURCE: http://triangle.bizjournals.com
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