Martin Marietta Materials appeal of a recent Delaware court ruling will be heard May 31, the day before Vulcan Materials holds its annual shareholders' meeting.
Reuters reported Friday that the hearing for the appeal has been delayed from May 25 to May 31.
Raleigh-based Martin Marietta had planned to nominate four independent directors to Vulcan's board at the June 1 shareholders' meeting. But a Delaware judge recently ruled that Martin Marietta violated a 2010 confidentiality agreement with Vulcan in making its hostile takeover bid in December.
The judge in the case denied Martin Marietta’s request for a stay pending a ruling the appeal, which forced Martin Marietta to move ahead with terminating the company's exchange offer to merge with Vulcan.
If Martin Marietta loses its appeal, it will be prevented from pursuing any activities related to the merger for four months.
Last week, Martin Marietta's stock dropped 8 percent in a single day after hedge-fund manager David Einhorn said at a New York conference that the company had problems and that its price to earnings ratio is higher than most other companies that rely heavily on government spending.
Einhorn is known for publicly criticizing stocks that he has shorted – meaning he has bet that the stock will fall.
Martin Marietta issued a statement saying that, unlike other targets of short-sellers, it remains financially strong.
Vulcan's stock also dropped 8 percent after Einhorn's comments.
As of Monday afternoon, Vulcan and Martin Marietta shares were flat in trading since the sell off.
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