Mergers And Acquisitions: 3M Reassures Justice, Martin Marietta Needs Bid Hike
3M Company (NYSE:MMM) Chief Financial Officer David Meline tells investors that his company is in the process of reassuring the Justice Department over its worries regarding 3M’s proposed $550 million acquisition of the office products division of the Avery-Dennison Corporation (NYSE:AVY). The Department threatened to block the deal in court earlier in the month.
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It will be necessary for Martin Marietta Materials Inc. (NYSE:MLM) to hike its takeover bid for Vulcan Materials Company (NYSE:VMC) by 40 percent to secure the transaction, says an analysis by Bloomberg. Vulcan shares closed Tuesday at $46.21, which was still 5.6 percent above the prospective buyer’s takeover price, and the premium implies that some investors hope that Martin Marietta will return with a higher offer now that the May injunction is in the past.
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