Vulcan Materials Corporation (NYSE: VMC)

Martin Marietta launched a hostile takeover bid for Vulcan Materials with an offer of about $4.74 billion in stock after talks aimed at a friendly combination broke down. In an open letter to Vulcan Chairman and CEO Donald James, Martin Marietta Chairman and CEO C. Howard Nye said that his company is taking its offer directly to Vulcan's shareholders because Vulcan officials cut off negotiations that began over a year and a half ago.

Under the offer, Vulcan Materials Co. shareholders would get half a share of Martin Marietta Materials Inc. stock for each of their Vulcan shares. At last Friday's (12/9/11) prices, the offer valued Vulcan at $36.69 per share, a 9.4 percent premium. Shares of Vulcan jumped $5.53, or 16.5 percent, to $39.08 in heavy midday trading, after peaking at $45 shortly after the news broke.

Martin Marietta shareholders appeared to approve of the offer. The company's shares rose $2.02, or 2.8 percent, to $75.39 in heavy trading, after jumping as high as $79.48 earlier in the day.

Nye also said in the letter that his company would nominate five people to Vulcan's board at Vulcan's 2012 shareholder meeting. And it announced that it had filed lawsuits in both Delaware Chancery Court and New Jersey state court to ensure Vulcan shareholders get a chance to consider its offer.

If you are a current shareholder and would like to discuss your options of exercising your rights as a shareholder, which include ensuring that the company is getting the highest possible price for the company, and that the board of directors will act in the best interest of the shareholders, please contact us.

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