Southdown Inc., a Houston-based cement manufacturer, said...

Southdown Inc., a Houston-based cement manufacturer, said it is willing to offer securities for Moore McCormack Resources Inc. instead of its $450-million cash offer. Southdown’s statement was in response to a report last week that Moore McCormack’s board was considering a financial restructuring or recapitalization that could mean paying a substantial cash dividend to its shareholders to maximize the value of its stock and avoid being acquired by Southdown.