Martin Marietta to appeal ruling on Vulcan Materials
The Vulcan Materials/Martin Marietta Materials saga continues.
According to a Bloomberg Business Week report, Martin Marietta Materials is appealing the Vulcan Materials ruling.
Yesterday, according to the Bloomrberg report, Martin Marietta said that it will appeal a Delaware Court of Chancery ruling that would delay its nearly $5 billion hostile bid for competing asphalt, concrete and stone supplier Vulcan Materials Co.
According to the Bloomberg report, Martin Marietta said its proposed plan to buy the larger Vulcan Materials has “undeniable strategic merits” and voiced disappointment in the May 4 ruling, which puts the bid on hold for four months.