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Court denies Martin Marietta’s motion for a stay

By |  May 15, 2012

Vulcan Materials Co. says a court has denied Martin Marietta Materials‘ motion for a stay on an order barring it from pursuing a $5.3-billion hostile takeover of Vulcan Materials for the next four months.

The Court of Chancery has issued an order implementing its earlier decision, which, until Sept. 14, enjoins Martin Marietta from pursuing its exchange offer for shares of Vulcan Materials Co., prosecuting Martin Marietta’s proxy contest at Vulcan Materials’ annual meeting of shareholders, and otherwise taking steps to acquire control of Vulcan Materials’ shares or assets.

Also, as required by the Court of Chancery’s order, Martin Marietta is, among other things, terminating its exchange offer and withdrawing its related registration statement, withdrawing its Hart-Scott Rodino Act filing in connection with its exchange offer, and withdrawing its nominees for election at the Vulcan Materials’ 2012 annual meeting and terminating the related solicitation of proxies.

As previously announced, Martin Marietta is appealing the Court of Chancery’s decision to the Delaware Supreme Court.

About the Author:

Darren Constantino is an editor of Pit & Quarry magazine. He can be reached at dconstantino@northcoastmedia.net.

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