A four-component reaction between Meldrum's acid, aryl aldehydes with trialkyl phosphites in the presence of piperidine has been developed. The reaction affords dialkyl {(aryl)[2,2-dimethyl-4-oxo-6-(piperidin-1-yl)-4H-[1,3]dioxin-5yl]methyl}phosphonate in moderate to good yields in a one-pot process.Scheme 2 Suggested mechanism for formation of compound 5.