Pension Fund Sues Vulcan Over Rejected Takeover Bid

Law360, New York (January 23, 2012, 7:31 PM EST) -- Accusing Vulcan Materials Co. of shirking its duties to shareholders, a pension fund filed a putative class action against the construction aggregate company and all 10 of its board members Monday, a month after the Vulcan board turned down a $4.7 billion hostile takeover bid from Martin Marietta Materials Inc.

Local 39 Pension Trust Fund, which owns common stock of Vulcan, filed the suit in New Jersey federal court as both a shareholder class action and a derivative lawsuit brought in the name of and on...
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