SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): April 16, 2012
Martin Marietta Materials, Inc.
(Exact name of registrant as specified in its charter)
|(State or Other Jurisdiction of Incorporation)
||(Commission File Number)
||(IRS Employer Identification Number)|
2710 Wycliff Road
Raleigh, NC 27607
(Address of principal executive offices, including zip
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.
||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
16, 2012 Martin Marietta Materials, Inc. issued a public letter (the Letter) to the shareholders of Vulcan Materials Company (Vulcan) with respect to Vulcans April 11, 2012 filing of its preliminary proxy statement in
connection with its 2012 annual meeting of shareholders.
A copy of the Letter is attached as Exhibit 99.1.
||Financial Statements and Exhibits |
Letter to the shareholders of Vulcan Materials Company, dated April 16, 2012
Cautionary Note Regarding Forward-Looking Statements
This document may include forward-looking statements. Statements that include words such as anticipate, expect,
should be, believe, will, and other words of similar meaning in connection with future events or future operating or financial performance are often used to identify forward-looking statements. All statements in
this document, other than those relating to historical information or current conditions, are forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond Martin
Mariettas control, which could cause actual results to differ materially from such statements. Risks and uncertainties relating to the proposed transaction with Vulcan include, but are not limited to: Vulcans willingness to accept Martin
Mariettas proposal and enter into a definitive transaction agreement reasonably satisfactory to the parties; Martin Mariettas ability to obtain shareholder, antitrust and other approvals on the proposed terms and schedule; uncertainty as
to the actual premium that will be realized by Vulcan shareholders in connection with the proposed transaction; uncertainty of the expected financial performance of the combined company following completion of the proposed transaction; Martin
Mariettas ability to achieve the cost-savings and synergies contemplated by the proposed transaction within the expected time frame; Martin Mariettas ability to promptly and effectively integrate the businesses of Vulcan and Martin
Marietta; the combined companys ability to pay dividends in the amounts anticipated; a downgrade of the credit rating of Vulcans indebtedness, which could give rise to an obligation to redeem Vulcans existing indebtedness; the
potential implications of alternative transaction structures with respect to Vulcan, Martin Marietta and/or the combined company, including potentially requiring an offer to repurchase certain of Martin Mariettas existing debt; the
implications of the proposed transaction on certain of Martin Mariettas and Vulcans employee benefit plans; and disruption from the proposed transaction making it more difficult to maintain relationships with customers, employees or
suppliers. Additional risks and uncertainties include, but are not limited to: the performance of the United States economy; decline in aggregates pricing; the inability of the U.S. Congress to pass a successor federal highway bill; the
discontinuance of the federal gasoline tax or other revenue related to infrastructure construction; the level and timing of federal and state transportation funding, including federal stimulus projects; the ability of states and/or other entities to
finance approved projects either with tax revenues or alternative financing structures; levels of construction spending in the markets that Martin Marietta and Vulcan serve; a decline in the commercial component of the nonresidential construction
market, notably office and retail space; a slowdown in residential construction recovery; unfavorable weather conditions, particularly Atlantic Ocean hurricane activity, the late start to spring or the early onset of winter and the impact of a
drought or excessive rainfall in the markets served by Martin Marietta and Vulcan; the volatility of fuel costs, particularly diesel fuel, and the impact on the cost of other consumables, namely steel, explosives, tires and conveyor belts; continued
increases in the cost of other repair and supply parts; transportation availability, notably barge availability on the Mississippi River system and the availability of railcars and locomotive power to move trains to supply Martin Mariettas and
Vulcans long haul distribution markets; increased transportation costs, including increases from higher passed-through energy and other costs to comply with tightening regulations as well as higher volumes of rail and water shipments;
availability and cost of construction equipment in the United States; weakening in the steel industry markets served by Martin Mariettas dolomitic lime products; inflation and its effect on both production and interest costs; Martin
Mariettas ability to successfully integrate acquisitions and business combinations quickly and in a cost-effective manner and achieve anticipated profitability to maintain compliance with Martin Mariettas leverage ratio debt covenants;
changes in tax laws, the interpretation of such laws and/or administrative practices that would increase Martin Mariettas and/or Vulcans tax rate; violation of Martin Mariettas debt covenant if price and/or volumes return to
previous levels of instability; a potential downgrade in the rating of Martin Mariettas or Vulcans indebtedness; downward pressure on Martin Mariettas or Vulcans common stock price and its impact on goodwill impairment
evaluations; the highly competitive nature of the construction materials industry; the impact of future regulatory or legislative actions; the outcome of pending legal proceedings; healthcare costs; the amount of long-term debt and interest expense;
changes in interest rates; volatility in pension plan asset values which may require cash contributions to pension plans; the impact of environmental clean-up costs and liabilities relating to previously divested businesses; the ability to secure
and permit aggregates reserves in strategically located areas; exposure to residential construction markets; and the impact on the combined company (after giving effect to the proposed transaction with Vulcan) of any of the foregoing risks, as well
as other risk factors listed from time to time in Martin Mariettas and Vulcans filings with the SEC.
The foregoing review of
important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere, including the Risk Factors section of the Registration Statement and our most recent report
on Form 10-K, and any other documents of Martin Marietta and Vulcan filed with the SEC. Any forward-looking statements made in this document are qualified in their entirety by these cautionary statements, and there can be no assurance that the
actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us or our business or operations. Except to the extent required by applicable law,
we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
Important Additional Information
This document relates to the Exchange Offer by Martin
Marietta to exchange each issued and outstanding share of common stock of Vulcan for 0.50 shares of Martin Marietta common stock. This document is for informational purposes only and does not constitute an offer to exchange, or a solicitation of an
offer to exchange, shares of Vulcan common stock, nor is it a substitute for the Tender Offer Statement on Schedule TO or the preliminary prospectus/offer to exchange included in the Registration Statement on Form S-4 (the Registration
Statement) (including the letter of transmittal and related documents and as amended and supplemented from time to time, the Exchange Offer Documents) initially filed by Martin Marietta on December 12, 2011 with the SEC. The
Registration Statement has not yet become effective. The Exchange Offer will be made only through the Exchange Offer Documents. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE EXCHANGE OFFER DOCUMENTS AND ALL OTHER RELEVANT DOCUMENTS THAT
MARTIN MARIETTA HAS FILED OR MAY FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION.
connection with the solicitation of proxies for Vulcans 2012 annual meeting of shareholders (the Vulcan Meeting), Martin Marietta filed a preliminary proxy statement on January 24, 2012 (as amended, the Vulcan Meeting
Preliminary Proxy Statement) with the SEC and intends to file a definitive proxy statement in connection therewith (the Vulcan Meeting Definitive Proxy Statement). When completed, the Vulcan Meeting Definitive Proxy Statement and
accompanying proxy card will be mailed to the shareholders of Vulcan. Martin Marietta also intends to file a proxy statement on Schedule 14A and other relevant documents with the SEC in connection with its solicitation of proxies for a meeting of
Martin Marietta shareholders (the Martin Marietta Meeting) to approve, among other things, the issuance of shares of Martin Marietta common stock pursuant to the Exchange Offer (the Martin Marietta Meeting Proxy Statement).
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE VULCAN MEETING PRELIMINARY PROXY STATEMENT, THE VULCAN MEETING DEFINITIVE PROXY STATEMENT, THE MARTIN MARIETTA MEETING PROXY STATEMENT AND OTHER RELEVANT MATERIALS AS THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION.
All documents referred to above, if filed, will be available free of charge at the SECs
website (www.sec.gov) or by directing a request to Morrow & Co., LLC at (877) 757-5404 (banks and brokers may call (800) 662-5200).
Martin Marietta, its directors and executive officers and the individuals nominated by Martin Marietta for election to Vulcans Board of Directors
are participants in any solicitation of proxies from Vulcan shareholders for the Vulcan Meeting or any adjournment or postponement thereof. Martin Marietta, its directors and executive officers are participants in any solicitation of proxies from
Martin Marietta shareholders for the Martin Marietta Meeting or any adjournment or postponement thereof. Information about the participants, including a description of their direct and indirect interests, by security holdings or otherwise, is
available in the Registration Statement, the proxy statement for Martin Mariettas 2011 annual meeting of shareholders, filed with the SEC on April 8, 2011, and the Vulcan Meeting Preliminary Proxy Statement, or will be available in the Vulcan
Meeting Definitive Proxy Statement or the Martin Marietta Meeting Proxy Statement, as applicable.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 16, 2012
||/s/ Roselyn R. Bar|
||Roselyn R. Bar|
||Senior Vice President, General Counsel and Corporate Secretary|
Letter to the shareholders of Vulcan Materials Company, dated April 16, 2012