North / South America
Martin Marietta to appeal court ruling on Vulcan
May, 08 2012
Martin Marietta Materials Inc said it will appeal a court ruling that barred the construction materials maker for four months from pursuing its proxy contest and hostile bid for larger rival Vulcan Materials Co.
Delaware Judge Leo Strine had on Friday found that Martin Marietta violated a nondisclosure agreement with Vulcan and used confidential information in forming its $5.3 billion bid and proxy fight.
Martin Marietta made an unsolicited, all-stock bid for Vulcan in December, saying that creating the world's largest producer of sand, gravel and other building materials would provide up to $250 million in cost savings to investors.
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