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. 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.
Vulcan Materials Co.’s planned hostile takeover by rock-crushing rival Martin Marietta Materials Inc. could be blocked by a Delaware Chancery Court judge who reserved decision on the case after a four-day trial.
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.
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. 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.