Martin Marietta loses appeal of Vulcan bid ruling

DOVER, Del. Thu May 31, 2012 12:01pm EDT

DOVER, Del. May 31 (Reuters) - Martin Marietta Materials Inc lost its appeal on Thursday to overturn a court ruling halting its $4.5 billion hostile bid and proxy contest for rival Vulcan Materials Inc.

Delaware's Supreme Court affirmed a ruling by the state's Court of Chancery, which prevented Martin Marietta from seeking to elect its four nominees to Vulcan's board at Friday's meeting of Vulcan shareholders.