Martin Marietta proposes hostile takeover of Vulcan Materials
Martin Marietta’s proposal contemplates directors from both companies serving on the combined company’s board. It also proposes that Vulcan Chairman and CEO Don James, serve as chairman of the board and that Nye serve as president and CEO. Executives from both companies would serve on the management team, according to the proposal.
The combined company would be headquartered in Raleigh, N.C., and maintain a major presence in Birmingham, Ala.
According to a press release on Vulcan Material’s website, the company says the company’s board of directors “will carefully review the proposal and determine the course of action that it believes is in the best interests of the company and its shareholders.”
At the time of this posting, Vulcan’s Board of Directors said it intended to advise shareholders of its recommendation by “making available to shareholders and filing with the Securities and Exchange Commission a solicitation/recommendation statement on Schedule 14D-9.”
Vulcan Materials shareholders are being advised not to take any action at this time pending the review of the proposed exchange offer by the company’s board.
Goldman, Sachs & Co. is acting as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Vulcan Materials.
Look for more on this in an upcoming edition of Aggregates Manager.