Martin Marietta’s appeal delayed

By |  May 21, 2012

Martin Marietta Materials Inc.‘s appeal of a lower court ruling that halted its $5 billion offer for Vulcan Materials Co. has been postponed until May 31, according to Reuters. Originally, the appeal was scheduled for May 25, and the new date is one day before Vulcan Materials’ shareholders meeting.

Martin Marietta is appealing a court decision that stopped its hostile takeover attempt for four months. Martin Marietta is hoping to elect four board members at Vulcan Materials’ June 1 annual meeting. According to the news agency, if the lower court ruling is overturned, the court could order postponement of Vulcan Materials’ meeting until new proxy materials can be prepared.

Comments are closed