Vulcan Officially Rejects Martin Marietta

December 22, 2011

Vulcan Materials rejected Martin Marietta Materials’ hostile $4.9 billion takeover bid on Thursday, urging shareholders to refuse the offer. Martin Marietta had gone directly to Vulcan’s shareholders, proposing half of a share of its stock for each share of Vulcan.

The New York Times reports Vulcan’s board reiterated its position that Martin Marietta’s tender offer undervalued the company at a low point for the cyclical construction business.