Dec 3 U.S. gravel maker Martin Marietta
Materials Inc will look to make a friendly offer to buy
rival Vulcan Materials Co, rather than attempt another
hostile takeover, the Wall Street Journal reported, citing
people close to the decision.
Vulcan rejected Martin Marietta's unsolicited bid of almost
$5 billion last year, saying it undervalued the company.
Martin Marietta has not yet approached Vulcan, but is still
interested in a deal, the Journal said.
Last year, Martin Marietta offered half of one of its shares
for each Vulcan share, in a bid to form the world's largest
construction aggregates producer.
The construction industry has been hurt in recent years by
the U.S. housing downturn, but has started to recover, with
Marietta posting quarterly results above market expectations
Both companies declined to comment to the Journal, and could
not immediately be reached for comment by Reuters.