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Vulcan Materials schedules annual shareholder meeting

Apr, 17 2012


(Alabama)  --  Vulcan Materials Co. has scheduled its annual meeting of shareholders for June 1, amid continued uncertainty as to whether a $5.4 billion hostile bid from rival Martin Marietta Materials Inc. will be allowed to go forward.

A Delaware Chancery Court judge could issue a ruling as soon as this week regarding previous confidentiality agreements signed by the two companies in 2010, when they were in friendly merger negotiations that ultimately fell through.

Vulcan has contended Martin Marietta engaged in an "unlawful scheme" to take it over, including breaching the confidentiality agreements to launch the hostile bid on Dec. 12. It's seeking rulings from the court requiring Martin Marietta to withdraw its hostile bid, as well as its pending proxy contest for four of Vulcan's 10 board seats.

Martin Marietta contends it didn't use confidential information to formulate its hostile bid, and it wants the court to rule that the agreements don't prohibit the offer or the proxy effort.

Martin Marietta, which closed Monday at $83.08, has offered half a share for each Vulcan share, meaning the deal currently values Vulcan shares at $41.54. Vulcan closed Monday at $41.53.

Vulcan said in a regulatory filing late Monday that its shareholder meeting will take place June 1 in Birmingham, Alabama.

By Bob Sechler
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