Subject to shareholder approval, Carillion will pay 585 pence per share with 25 per cent of the balance in cash and 75 per cent in new Carillion shares.
It has already received offers of acceptance from just under 15 per cent of Alfred McAlpine’s shareholders. These offers will lapse if a firm offer is not made by December 14.
McAlpine’s board has said that it would unanimously recommend the buyout. Carillion said it had begun due diligence which is expected to last around a couple of months.