Martin Marietta Materials Inc. was unsuccessful earlier this year in its hostile takeover attempt of Vulcan Materials Co. But Martin Marietta won’t give up trying to purchase the top crushed-stone producing company in the United States.
According to the Wall Street Journal, Martin Marietta will now look to make a friendly offer to buy its rival. The Wall Street Journal cited people close to the decision in its Sunday night report.
Vulcan previously rejected a bid from Martin Marietta of nearly $5 billion. The bid was unsolicited, and Vulcan said at the time that it undervalued the company’s worth.
In another attempt, Martin Marietta offered Vulcan half of each of its shares in return for full Vulcan shares.
