Martin Marietta Adopts New Rights Plan

Replaces one expiring Oct. 21.
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Construction-aggregates producer Martin Marietta Materials (MLM) - Get Report said Thursday that its board of directors adopted a new shareholder rights plan, which becomes effective when its existing rights plan expires on Oct. 21.

Under the plan, the preferred purchase rights generally become exercisable upon the acquisition of 15% or more of the company's outstanding common stock, unless the board of directors redeems the rights, the Raleigh, N.C.-based company said.

The company's shares were trading up $2.57, or 3.1%, at $85.72 Thursday.

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