Citing an unwillingness on the part of company management to negotiate a deal, Martin Marietta is taking its case directly to the stockholders of Vulcan Materials. According to an open letter to Vulcan CEO Donald James, Martin Marietta CEO C. Howard Nye says Vulcan executives have broken off negotiations for combination of the two companies.
Instead, Martin Marietta has appealed to shareholders with an offer to buy Vulcan for $4.7 billion dollars, or 0.5 share for each Vulcan share.
Published reports cite savings of about $250 million if the companies merged.
Last year, Vulcan shipped 147.6 million tons of aggregates, and Martin Marietta shipped 130 million tons of materials.