Third Quarter Production Holds Steady
- Published: Thursday, 15 December 2011 10:42
- Written by Mark Kuhar
December 13, 2011 – It has been a wild week for industry webinars, as both ARTBA and NSSGA sponsored information sessions focusing on economic and regulatory updates. I personally sat in on both webinars. ARTBA’s Alison Premo Black was very concise and specific as she assessed the failure of Congress to hammer out a viable infrastructure bill. Despite that, she noted where some industry bright spots have occurred this year, such as bridge construction, and in 18 states that have actually spent more on infrastructure in 2011 than in 2010.
December 12, 2011 – There is major M&A News in the aggregates industry today. Rock Products has learned that Martin Marietta Materials kicked off a hostile bid to acquire Vulcan Materials, beginning an exchange offer worth more than $4.6 billion for its rival in an effort to combine the nation two largest producers of crushed stone and gravel. According to wire reports, Martin Marietta is offering 0.5 of a share for each Vulcan share. As of Friday’s closing price, that bid was worth $36.69 a share, a 9 percent premium to Vulcan’s stock price that day. Martin Marietta also intends to name five nominees to Vulcan’s board and began a lawsuit in Delaware’s court of chancery to add pressure to its target.