The Martin Marietta Materials bid for Vulcan Materials Co. shouldn’t be permitted, because it violated contractual confidentiality obligations, a Vulcan Materials lawyer told a judge, according to a report by Bloomberg News.
The agency says that in final arguments heard today, the lawyer told Judge Leo Strine Jr. that Martin Marietta officials wrongly used Vulcan Materials’ non-public information in its hostile $5.5 billion bid. “[Martin Marietta] walked right past the contract and launched its own hostile offer. Martin has to be held to account.”
A decision in the case as to whether the bid will be stopped may come as early as this week, according to an earlier report in the Wall Street Journal.
