Martin Marietta Materials announced late Monday that it is terminating the company's exchange offer to merge with rival Vulcan Materials in accordance with the ruling by the Delaware Court of Chancery.
The action was expected after the judge, Leo Strine Jr., ruled on May 4 that Martin Marietta violated a 2010 confidentiality agreement with Vulcan.
Martin Marietta is appealling the ruling, however. A decision on the appeal is likely to come before Vulcan's June 1 annual shareholders' meeting.
Raleigh-based Martin Marietta had planned to nominate four directors to Vulcan's board.