However, Vulcan Materials Co. may try to “squeeze” $1 billion more out of a takeover bid that’s already the most expensive for a U.S. building material company, according to a Dec. 14 Bloomberg report.

Martin Marietta Materials Inc.’s $4.8 billion hostile offer for Birmingham, Ala.-based Vulcan values the largest American producer of crushed stone at 24 times earnings before interest, taxes, depreciation and amortization, according to the Bloomberg report. The multiple is the highest on record for an acquisition greater than $500 million of a U.S. maker of building materials such as cement, according to data compiled by Bloomberg that includes net debt.

Martin Marietta’s proposal contemplates directors from both companies serving on the combined company’s board. It also proposes that Vulcan Chairman and CEO Don James, serve as chairman of the board and that Nye serve as president and CEO. Executives from both companies would serve on the management team, according to the proposal.

The combined company would be headquartered in Raleigh, N.C., and maintain a major presence in Birmingham, Ala.

According to a press release on Vulcan Material’s website, the company says the company’s board of directors “will carefully review the proposal and determine the course of action that it believes is in the best interests of the company and its shareholders.”

At the time of this posting, Vulcan’s Board of Directors said it intended to advise shareholders of its recommendation by “making available to shareholders and filing with the Securities and Exchange Commission a solicitation/recommendation statement on Schedule 14D-9.”

Vulcan Materials shareholders are being advised not to take any action at this time pending the review of the proposed exchange offer by the company’s board.

Goldman, Sachs & Co. is acting as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Vulcan Materials.