Court to hear Martin Marietta appeal May 25

Reuters reports that Martin Marietta Materials Inc. has won an expedited appeal of the May 4 ruling that barred it from pursuing its offer for Vulcan Materials for four months. The Delaware Supreme Court, says Reuters, has agreed to hear Martin Marietta’s appeal on May 25, “reviving the company’s hopes that it might pursue a proxy fight for board seats at Vulcan’s annual shareholder meeting on June 1, exactly one week later.”

The company’s stock price closed down 8 percent in yesterday’s trading. The news agency says the drop came after the co-founder of Greenlight Capital, David Einhorn, said the stock was overvalued.