Now that Martin Marietta Materials Inc. is cleared to renew its pursuit of Vulcan Materials Co. and create the world’s biggest supplier of gravel and sand, it needs to boost the initial bid by 40 percent to cement a deal.
Martin Marietta Materials Inc. may need to sweeten its hostile $4.8 billion bid for Vulcan Materials Co. after the company’s shares topped the offering price to create the world’s largest supplier of sand, gravel and stone.
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.
Martin Marietta Materials Inc. failed to persuade the Delaware Supreme Court to throw out a ruling barring the gravel producer from proceeding with a hostile takeover bid for rival Vulcan Materials Co.
Vulcan Materials Co. and hostile suitor Martin Marietta Materials Inc. face off in Delaware Chancery Court tomorrow in a trial over a $4.7 billion takeover that would create the world’s largest producer of sand, gravel and crushed stone.