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Vulcan Materials’ stock takes hit as battle continues

By |  April 2, 2012

The takeover battle between Vulcan Materials Co. and Martin Marietta Materials Inc. continues. Bloomberg News reports that Vulcan Materials’ stock fell below Martin Marietta’s hostile bid price last week, “indicating investors doubt that the $5.5 billion all-stock transaction will succeed.”

The battle has been fought in a Delaware court, and final arguments are expected April 9. The judge could decide to block Martin Marietta’s bid. Also, Bloomberg reports that the U.S. Justice Department could decide to order more Martin Marietta asset sales than the company expected.

The news agency quotes an analyst, saying there is a downside to Vulcan Materials’ shares relative to Martin Marietta’s if there is no deal in place.

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