Vulcan CEO Blasts $4.7B Martin Marietta Hostile Bid At Trial

Law360, Wilmington (February 28, 2012, 7:34 PM EST) -- The CEO of Vulcan Materials Co. testified Tuesday that Martin Marietta Materials Inc.’s $4.7 billion hostile bid for his company betrayed confidentiality pacts between the rivals and is based on bloated estimates of potential synergies in the combination. 

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 in Delaware Chancery Court to nullify Vulcan’s defense that a 2010 nondisclosure agreement from friendly merger talks between the rivals...
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