Vulcan Spurns Martin Marietta's $4.7B Hostile Bid

Law360, Wilmington (December 22, 2011, 2:39 PM ET) -- Construction aggregates producer Vulcan Materials Co. has spurned rival Martin Marietta Materials Inc.’s $4.7 billion hostile bid, Vulcan announced Thursday, saying the offer is too low and fraught with risk.

Vulcan’s board unanimously rejected the “lowball and opportunistic” bid and recommended its shareholders do the same, the company said in a statement, setting the stage for a potentially messy takeover battle in several courts across the U.S.

“The offer, made at a low point in the economic and industry cycle, does not come close to appropriately...
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