Vulcan Materials’ lawyer says Martin Marietta bid not valid
The Martin Marietta Materials bid for Vulcan Materials Co. shouldn’t be permitted, because it violated contractual confidentiality obligations, a Vulcan Materials lawyer told a judge, according to a report by Bloomberg News.
The agency says that in final arguments heard today, the lawyer told Judge Leo Strine Jr. that Martin Marietta officials wrongly used Vulcan Materials’ non-public information in its hostile $5.5 billion bid. “[Martin Marietta] walked right past the contract and launched its own hostile offer. Martin has to be held to account.”
A decision in the case as to whether the bid will be stopped may come as early as this week, according to an earlier report in the Wall Street Journal.
About the Author: Darren Constantino
Darren Constantino is an editor of Pit & Quarry magazine. He can be reached at dconstantino@northcoastmedia.net.Subscribe to Pit & Quarry
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