Vulcan shareholders would own 58% of the combined company, and Nye is quick to assure them that Martin Marietta's management is prepared to continue paying $1.60-per-share dividends. That's 80 cents on every Vulcan share in the proposed company, about 20 times what Vulcan is paying per share today.
"The combined Martin Marietta and Vulcan Materials would be the unquestioned, U.S.-based global aggregates leader," Nye said, summing up his pitch for the proposal. Shipping 278 billion tons in 2010 would make it No. 1 in the world, with HeidelbergCement snapping close by its heels at just 5% less.
Perhaps more importantly, it would be the clear leader of the American market, with about 15% market share, and "a strong presence in the fastest growing regions in the U.S."