VMC vs SPX - SPX Defence, page-13

Yes I think you are right about the defense has commentary for shareholders rather than being a strict legal defense. I doubt the legal eagles are too excited about such commentary. This explains why VMC did not want to announce the SPX 'defense' on their website, as this would be taken as agreeing with the commentary.

I noticed the share price of SPX went up after the announcement, which I interpret as many of the SPX shareholders taking the commentary as fact. Similarly You only have to look at the parallel SPX discussion to see this.

That is SPX appears to be encouraging a nonrational discussion - and as you say probably to appease shareholders in the short-term.

The fact that SPX has to rely on commentary rather than focus on facts does not give me full confidence in their position.