Martin Marietta's $5.5B Hostile Bid For Vulcan Put On Hold

Law360, Wilmington (May 4, 2012, 9:57 PM EDT) -- A Delaware judge on Friday temporarily shut down Martin Marietta Materials Inc.’s $5.5 billion hostile bid for Vulcan Materials Co., finding the suitor had flagrantly breached a confidentiality pact between the rival aggregates producers.

Chancellor Leo Strine of Delaware Chancery Court blocked Martin Marietta’s tender offer and related bid for Vulcan board seats for four months. In a 138-page opinion, the judge ruled that the hostile bid disclosed nonpublic information acquired from Vulcan in prior friendly merger talks, violating the confidentiality agreement.

The delay will prevent...
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