Vulcan Materials said Monday that a Delaware judge's ruling will order Martin Marietta Materials to withdraw its exchange offer and its proposal to put forward nominees to Vulcan's board.
Vulcan sent out a draft proposal of the final order to be issued by the Court of the Chancery in Delaware. The order follows a post-trial opinion issued May 4 by the judge in the case, Leo E. Strine, Jr.
In his opinion, Strine said Raleigh-based Martin Marietta violated a 2010 confidentiality agreement between the two companies and called for a four-month injunction that would prevent Martin Marietta from engaging in any activities related to a proposed merger.
Martin Marietta has said it will appeal Strine's ruling.
The proposed final order says Martin Marietta shall also terminate and withdraw all regulatory filings related to its $4.7 billion hostile takeover bid.
The four-month suspension would prevent Martin Marietta from putting forward four nominees to Vulcan's 10-member board of directors at Vulcan's annual shareholders' meeting on June 1.