Tags: Martin | Marietta | Vulcan | Materials

Martin Marietta Launches $4.74 Billion Hostile Bid for Vulcan

Monday, 12 Dec 2011 11:59 AM

Martin Marietta Materials has launched a hostile takeover bid for rival construction materials company Vulcan Materials with an offer to buy the company for $4.74 billion in stock.

Under the offer, Vulcan Materials Co. shareholders would get half a share of Martin Marietta Materials Inc. stock for each of their Vulcan shares. The offer values Vulcan at $36.69 per share, a 9.4 percent premium over its closing price Friday.

Vulcan shares jumped 19 percent to $39.81 in morning trading Monday.

Martin Marietta says it's taking its offer directly to Vulcan shareholders after Vulcan officials cut off negotiations that began over a year and a half ago.

The combined company would be based in Raleigh, N.C., where Martin Marietta is based, but keep a major presence in Birmingham, Ala., where Vulcan is based.

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Martin Marietta Materials has launched a hostile takeover bid for rival construction materials company Vulcan Materials with an offer to buy the company for $4.74 billion in stock.Under the offer, Vulcan Materials Co. shareholders would get half a share of Martin Marietta...
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Monday, 12 Dec 2011 11:59 AM
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