Sources: Vulcan Materials Co., Birmingham, Ala.; CP staff
In an updated investor presentation reinforcing its objections to Martin Marietta Materials’ hostile, stock exchange offer, Vulcan cites market, operating and product-pricing metrics where it excels against its would-be merger partner, coupled with differences between each company’s asset values.
Sources: Martin Marietta Materials, Raleigh, N.C.; CP staff
A “Timing Agreement” will see Martin Marietta and U.S. Department of Justice officials meet in April to discuss resolution of any agency antitrust concerns surrounding the company’s proposed merger with Vulcan Materials Co. Discussions will proceed toward a consent order detailing potential asset sales or other measures to gain DOJ/Antitrust Division clearance on a merger plan—itself subject to Vulcan shareholder approval and management’s legal challenges.
Sources: Vulcan Materials Co., Birmingham, Ala.; Martin Marietta Materials, Raleigh, N.C.; CP staff
In response to a potential Martin Marietta–Vulcan Materials merger the former company proposed in a early-December stock-for-stock exchange offer, the Department of Justice Antitrust Division has requested Vulcan provide ready mixed, aggregate and asphalt delivery detail from certain operations in 15 states. Vulcan noted in a Securities & Exchange Commission (SEC) filing it had received from Justice officials a Civil Investigative Demand and request for additional information and documentary.
Three days before Christmas, Vulcan Materials Co. indicated in sharp terms that its wish list did not include a stock-for-stock merger Martin Marietta Materials proposed 10 days prior. Vulcan Materials noted unanimous board rejection of the proposal, while questioning the legality of Martin Marietta’s actions leading up to a formal offer to Vulcan shareholders in early December.