A Delaware judge is scheduled to hear a case over Raleigh-based Martin Marietta Materials hostile takeover bid of Vulcan Materials on Feb. 28, Bloomberg News reported today.
The judge approved a scheduling order that allows the case to be heard on a fast-track basis through March 2, Bloomberg reported.
Vulcan's lawsuit alleges Martin Marietta violated securities law by obtaining confidential information about its competitor. Martin Marietta has called the claim baseless.
Martin Marietta initiated a hostile takeover of its larger rival in December. The proposal calls for each outstanding share of Vulcan stock to be exchanged for 0.5 Martin Marietta shares.
The merger would create the world's largest supplier of rock and gravel, with combined mineral reserves of 28 billion tons in quarries throughout North America. The proposal calls for the combined company to be based in Raleigh.
Vulcan and Martin Marietta have engaged in a war of words since the deal was proposed, with each releasing detailed presentations defending their positions.
Vulcan management have called described the deal as a "lowball and opportunistic exchange offer." Martin Marietta CEO Ward Nye has continued to press shareholders to lobby the company's board to put the deal to a vote.
Martin Marietta Materials plans to nominate five independent directors for election to Vulcan Materials Board of Directors.
Business reporter David Bracken came to the N&O in 2004. He covers commercial and residential real estate. Contact David at 919-829-4548 or 
