Martin Marietta Makes Hostile Bid for Vulcan
- Published: Monday, 12 December 2011 12:58
- Written by Mark Kuhar
December 12, 2011 – There is major M&A News in the aggregates industry today. Rock Products has learned that Martin Marietta Materials kicked off a hostile bid to acquire Vulcan Materials, beginning an exchange offer worth more than $4.6 billion for its rival in an effort to combine the nation two largest producers of crushed stone and gravel. According to wire reports, Martin Marietta is offering 0.5 of a share for each Vulcan share. As of Friday’s closing price, that bid was worth $36.69 a share, a 9 percent premium to Vulcan’s stock price that day. Martin Marietta also intends to name five nominees to Vulcan’s board and began a lawsuit in Delaware’s court of chancery to add pressure to its target.