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.

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