Vulcan Materials Co. Chairman Don James first proposed a friendly combination with Martin Marietta Materials Inc. before it surprised him in an e-mail with a $4.7 billion hostile takeover bid, he testified as a trial over the proposed deal started.
Vulcan Materials Co. will try to convince shareholders in private meetings to reject a hostile bid from Martin Marietta Materials Inc., telling them that Vulcan’s profits will rise more quickly than its suitor’s once U.S. construction rebounds.
Vulcan Materials Co.’s founding family sued the 103-year-old gravel-maker and its top managers, accusing them of “gross mismanagement,” in part for rejecting a $4.7 billion sale to competitor Martin Marietta Materials Inc.
Fairfax Financial Holdings Ltd., with seven of eight hedge funds it accused of spreading false rumors out of a lawsuit, may see the $24 billion case shrink again. A judge is poised to rule whether racketeering counts allowing triple damages should be tossed, Bloomberg News’s Thom Weidlich reports.
BP Plc and plaintiffs suing over the 2010 Gulf of Mexico oil spill are discussing a $14 billion accord that would be funded with money originally set aside by the company for out-of-court settlements, according to three people familiar with the talks.
Vulcan Materials Co. fell below Martin Marietta Materials Inc.’s hostile bid for the first time last week, indicating doubts among investors that the all-stock deal valued at $5.5 billion will succeed.
A U.S. investigation of possible insider-trading by Goldman Sachs Group Inc. employees expanded to include a managing director whose name emerged at the trial of convicted hedge fund manager Raj Rajaratnam, a person with knowledge of the probe said.