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Martin Marietta Materials offers to buy Vulcan materials for about $4.74B in stock

Martin Marietta launched a hostile takeover bid Monday for the larger gravel, sand and stone supplier 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.

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