|Page (1) of 1 - 12/12/11||email article||print page|
Martin Marietta Materials offers to buy Vulcan materials for about $4.74B in stock
RALEIGH, N.C. (AP) ' Martin Marietta Materials has launched a hostile takeover bid for rival construction materials company Vulcan Materials with an offer to buy the company for $4.74 billion in stock.
Under the offer, Vulcan Materials Co. shareholders would get half a share of Martin Marietta Materials Inc. stock for each of their Vulcan shares. The offer values Vulcan at $36.69 per share, a 9.4 percent premium over its closing price Friday.
Vulcan shares jumped 19 percent to $39.81 in morning trading Monday.
Martin Marietta says it's taking its offer directly to Vulcan shareholders after Vulcan officials cut off negotiations that began over a year and a half ago.
The combined company would be based in Raleigh, N.C., where Martin Marietta is based, but keep a major presence in Birmingham, Ala., where Vulcan is based.