If it goes ahead the post-merger structure will comprise 63.6 per cent Vulcan shareholders and 36.4 per cent Universal shareholders, on an undiluted basis.
Universal chairman Kevin Maloney will become non-executive chairman of the merged business and Vulcan managing director Alistair Cowden would lead the new company.
Peter Ingram, managing director at Universal, will retire from his current role and continue as a non-executive director of the combined entity.
