Del. High Court Keeps Martin Marietta's $5B Vulcan Bid Frozen

Law360, Wilmington (May 31, 2012, 3:53 PM EDT) -- Martin Marietta Materials Inc.'s eleventh-hour attempt to push through its $4.5 billion hostile offer for rival Vulcan Materials Co. fell short Thursday when the Delaware Supreme Court affirmed the decision that put the bid on ice.

On the eve of Vulcan’s annual meeting, which Martin Marietta had hoped to delay so it could run a minority slate of directors to support its offer, the appeals court announced it would affirm the lower court’s ruling after brief oral arguments in Dover. Justice Myron Steele said an opinion...
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