Martin Marietta CEO Defends $4.7B Hostile Bid For Vulcan

Law360, Wilmington (February 29, 2012, 10:01 PM EST) -- The CEO of Martin Marietta Materials Inc. defended his company’s $4.7 billion hostile bid for rival Vulcan Materials Co. in a Delaware state court Wednesday, denying that the offer relies on confidential information obtained from Vulcan in prior merger talks.

In December, Raleigh, N.C.-based Martin Marietta launched the hostile bid and nominated a slate of five directors to Vulcan’s board. The company simultaneously sued its fellow aggregates producer to nullify Vulcan’s defense that a 2010 nondisclosure agreement from friendly merger discussions barred Martin Marietta's advances....
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