construction materials firm
martin marietta launched a
hostile bid to buy rival vulcan
materials.
the offer from martin is for $5
billion in stock.
at tonight's closing prices,
that would give vulcan
shareholders $36.69 per share as
of friday's closing price.
martin said it launched the
hostile offer because talks with
vulcan weren't progressing.
with vulcan in play, shares shot
up 15%, closing well above the
implied buyout offer from
martin.
vulcan says it will advise
shareholders within 10 days.
martin marietta, meantime, also
saw a bounce, up more than 1.5%.
the intel profit warning darren
reported in earlier hurt the
tech sector, particularly the
chip stocks.
as we mentioned, intel's warning
is the third from the industry
in the past week.
the exchange-traded fund focused
on semiconductor stocks dropped
more than 3%.
the technical trend for this
fund over the past year has been