A Delaware court this week denied Martin Marietta Materials Inc.'s motion to continue its hostile $5.1 billion bid for rival Vulcan Materials Co., definitively sidelining the takeover effort for the next four months.
The decision sets back Martin Marietta's high-stakes effort to take over Vulcan, which has accused its competitor of carrying out an "unlawful scheme" to acquire it through hostile means after the two sides agreed to confidentiality stipulations during friendly merger negotiations.
Martin Marietta said it would appeal.
