Supreme Court Affirms Chancery in Vulcan/Martin Marietta Hostile Contest

Supreme Court Affirms Chancery in Vulcan/Martin Marietta Hostile Contest

 

Posted by Francis Pileggi  

Vulcan Materials, Inc. v. Martin Marietta Materials, Inc. This is a Delaware Supreme Court ruling from the bench on May 31, 2012 involving the penalty imposed on a hostile bidder for breach of a confidentiality agreement entered into during amicable negotiations.

We previously highlighted the 138-page Chancery opinion decided on May 4, 2012. Today, the Delaware Supreme Court ruled, in an expedited appeal, as reported by Bloomberg, that the Chancery decision was correct, and that Martin Marietta would be barred from bidding for Vulcan Materials due to Martin Marietta's breach of a confidentiality agreement that was signed while the companies were discussing a "friendly deal", before it became a hostile bid. It is noteworthy that all the briefing and the oral argument on this appeal were done is less than 30 days and a decision by Delaware's High Court was provided at oral argument.

Courtesy of Frank Reynolds of Thomson Reuters we have the Opening Brief and Answering Brief in the expedited appeal.

Lexis.com subscribers can access the Lexis enhanced version of the Martin Marietta Materials, Inc. v. Vulcan Materials Co., 2012 Del. Ch. LEXIS 93 (Del. Ch. May 4, 2012) decision with summary, headnotes, and Shepard's.

 

Read more Delaware business litigation case summaries and commentary on Delaware Corporate and Commercial Litigation Blog, a blog hosted by Francis G.X. Pileggi, of Eckert Seamans.

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