Vulcan sues Martin Marietta over takeover bid
Business Law
Vulcan Materials has sued Martin Marietta in federal court, accusing the smaller gravel, sand and stone supplier of launching an illegal takeover attempt of Vulcan.
Vulcan, based in Birmingham, Ala., also on Wednesday strongly recommended that its shareholders not tender their stock to Martin Marietta, which announced a hostile bid for the company earlier this month.
Martin Marietta, based in Raleigh, N.C., has said it plans to take a stock offer directly to Vulcan shareholders after Vulcan cut off negotiations that started more than a year and a half ago.
Under the offer, valued at about $4.74 billion, Vulcan Materials Co. shareholders would get half a share of Martin Marietta Materials Inc. stock for each of their Vulcan shares. That offer valued Vulcan at $36.69 per share, a 9.4 percent premium, based on the stock's closing price Dec. 9, the last trading day before Martin Marietta's announcement.
Martin Marietta also said when it announced its bid that it had filed lawsuits in both Delaware Chancery Court and New Jersey state court to ensure Vulcan shareholders get a chance to consider its offer.
Related listings
-
Washington Mutual agrees to settlement
Business Law 12/13/2011Bank holding company Washington Mutual Inc. has agreed to a settlement with some creditors involved in its Chapter 11 bankruptcy case and has filed a new reorganization plan. Washington Mutual said in a statement late Monday that the settlement will ...
-
Dodgers, Fox battle over media rights sale
Business Law 12/08/2011Attorneys for the Los Angeles Dodgers and Fox Sports squared off in court Wednesday over the team's plan to sell the media rights to games starting in 2014 as part of its plan to exit bankruptcy. The Dodgers are asking a U.S. Bankruptcy Court judge i...
-
High court to review fine for mercury storage
Business Law 11/28/2011The Supreme Court will consider throwing out an $18 million penalty against Texas-based Southern Union Co. for illegally storing mercury at a rundown building in Rhode Island. The justices said Monday they will hear the natural gas company's appeal o...
New Rochelle, New York Personal Injury Lawyers
If you or a loved one has been injured in an accident, contact Kommer, Bave & Ollman, LLP, in New Rochelle, New York, immediately. We can answer all your questions and work with you to determine if you have the grounds for a personal injury lawsuit. The attorneys at our firm are determined to resolve even the most difficult of cases. We will work closely with you to determine the best course of action to get your claim or case resolved in the most efficient way possible. We will fight for your right to compensation! No one should have to suffer a financial burden from the result of another person’s carelessness. The attorneys at Kommer, Bave & Ollman, LLP will aggressively fight to ensure that justice is served on your behalf.