On July 20, 2010, NNS Holding, the largest stockholder of Texas Industries, Inc. (TXI), announced that it reached an agreement with TXI regarding its shareholder rights plan and NNS Holding’s stock ownership. Cravath represented NNS Holding in connection with this transaction. Under the terms of the agreement, TXI will increase the ownership limit under its shareholder rights plan from 15% to 20% and will terminate the plan completely on December 31, 2010. NNS Holding agreed to not acquire more than 20% of TXI’s shares and to other standstill restrictions until December 31, 2011.
The Cravath team included partner Minh Van Ngo and associates Joseph D. Zavaglia and Victor V. Ludwig and summer associate Brian Kozlowski on corporate matters.