Eagle Materials unveils separation plan following strategic review

May 30, 2019 8:46 AM ETEagle Materials Inc. (EXP)By: Carl Surran, SA News Editor

Eagle Materials (NYSE:EXP) says it plans to separate its heavy materials and light materials businesses into two independent, publicly-traded corporations via a tax-free spinoff.
EXP also is actively pursuing alternatives for its oil and gas proppants business with the support of an independent financial advisor.
Following the proposal, major shareholder Sachem Head Capital says it will withdraw its board nominations and support EXP's recommendations at the company's 2019 annual meeting.
EXP +1.1% pre-market.