Martin Marietta Materials Inc will take its $5.7 billion hostile bid for Vulcan Materials Co to a Delaware court on Tuesday in its drive to seize its larger rival and create the world's largest producer of gravel, sand and other construction materials.Vulcan wants an injunction to stop what it considers a low-ball bid. It has accused Martin Marietta of "unethical, unlawful and increasingly erratic behavior," and the four-day trial will turn on whether its suitor breached a contract to keep deal talks private.Martin Marietta, based in Raleigh, North Carolina, launched an unsolicited bid for Birmingham, Alabama-based Vulcan in December. It argued that the all-stock takeover would provide up to $250 million in cost savings while delivering a more competitive range of products.Martin Marietta shares have jumped about 20 percent since the bid, raising the deal value from $4.7 billion when it was announced. Vulcan's shares are up about 35 percent.
Martin Marietta Materials, Inc. is a producer of aggregates for the construction industry, including infrastructure, agricultural, nonresidential, and residential. Shares of MLM fell by 0.57% or $-0.5/share to $86.86. In the past year, the shares have traded as low as $59.93 and as high as $92.37. On average, 651676 shares of MLM exchange hands on a given day and today's volume is recorded at 305172.
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