Martin Marietta-Vulcan ruling may not come soon

Reuters reports that the judge presiding over the case of Martin Marietta Materials‘ hostile bid for Vulcan Materials called the fight a “hall of mirrors.” He also said he is unlikely to rule immediately on whether the hostile bid can proceed, and Reuters adds that the judge suggested it would not be before next week.

The two sides made their closing arguments yesterday to Chief Judge Leo Strine, who also must decide if a proxy contest for four seats on the Vulcan Materials board can proceed.

Reuters says the judge spent much of the six-hour hearing prodding Martin Marietta Materials’ lawyer over the way his client disclosed nonpublic information, such as history of the merger talks. “Your briefs don’t come close to justifying the blow-by-blow disclosures,” the judge reportedly said. “We’re not going to get where you want by acting like I’m a fool,” he added, after the lawyer suggested the disclosures were required by regulators.