DOVER, Del., May 31 (Reuters) - Martin Marietta Materials Inc’s last-ditch effort to pursue its $4.5 billion hostile bid and proxy contest for rival Vulcan Materials Co rested with Delaware’s Supreme Court on Thursday, which took a recess after an hour of arguments.
Martin Marietta appealed a lower-court ruling that put the $4.5 billion hostile bid and proxy contest on hold for four months. Martin Marietta needs to overturn the lower-court ruling to wage a proxy contest at Vulcan’s annual meeting, which is scheduled to start in less than 24 hours.
The chief judge of the Delaware Supreme Court corrected a clerk who said the hearing was adjourned, emphasizing that the hearing was in recess. Myron Steele, the chief justice, did not say when the court would rule but asked for the cell phone numbers of the lawyers for both companies.