Tuesday, December 12, 2017
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Martin Marietta launches hostile bid for Vulcan
Martin Marietta Materials offers to buy Vulcan materials for about $4.74B in stock
By The Associated Press

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.

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