Vulcan Countersues Martin Marietta Over $5B Hostile Bid

Law360, New York (December 20, 2011, 8:26 PM EST) -- Vulcan Materials Co. lashed out at Martin Marietta Materials Inc. in a suit filed Tuesday in Alabama federal court over what Vulcan calls Martin Marietta's illegal $4.7 billion hostile takeover scheme enabled by the unlawful use of confidential information.

After Vulcan bailed on private merger talks between the companies, Martin Marietta took its case directly to the shareholders Dec. 12, making a $4.7 billion stock-for-stock offer that would exchange 0.5 of its shares for each Vulcan share.

Birmingham, Ala.-based Vulcan says Martin Marietta has exploited nonpublic...
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