Sept 22 (Reuters) - Polaris Materials Corp PLS.TO -
* Polaris announces receipt of superior proposal
* Polaris Materials - Affiliate of new offeror, offered to buy all of issued, outstanding shares of company for cash consideration of C$3.40 per share
* Polaris Materials - Board has determined that new offer is or could reasonably be expected to result in a superior proposal under Vulcan agreement
* Polaris Materials - Says board has not changed its recommendation regarding offer under Vulcan agreement