Martin Marietta Sues To Pave Way For $4.7B Hostile Bid

Law360, Wilmington (December 12, 2011, 4:39 PM EST) -- Martin Marietta Materials Inc. took a $4.7 billion stock-for-stock offer directly to Vulcan Materials Co. shareholders on Monday and sued in Delaware state court to head off an anticipated defense to the hostile takeover bid.

After fellow aggregates producer Vulcan bailed on over a year of private merger talks, Martin Marietta has now launched a hostile offer that would exchange 0.5 of its shares for each share of its target, valuing Vulcan’s stock at $36.69 per share, or a 15 percent premium over its average closing...
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