Martin Marietta's $5B Hostile Bid For Rival Remains Blocked

Law360, Wilmington (May 14, 2012, 3:31 PM EDT) -- A Delaware judge on Monday denied construction component producer Martin Marietta Materials Inc.'s request to stay his ruling on the company's hostile bid for Vulcan Materials Co. pending appeal, foreclosing the prospect of a proxy fight at Vulcan's June 1 annual meeting.

On May 4, Chancellor Leo Strine of the Delaware Chancery Court had blocked the $5 billion hostile bid for four months, finding that Martin Marietta had flagrantly breached a confidentiality agreement between the rival construction materials producers in making its offer.

Raleigh, N.C.-based Martin...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.