Saltchuk to acquire GLDD in $1.5 billion all-cash transaction
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Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) says that it and privately-owned,Saltchuk Resources, Inc.<\/a> have reached a definitive agreement for Saltchuk to acquire Great Lakes at an aggregate equity value of approximately $1.2 billion and a total transaction value of $1.5 billion.<\/p>\n Under the terms of the agreement, which has been unanimously approved by the boards of both companies, Saltchuk will commence a tender offer to acquire all outstanding shares of the company for $17.00 per share in cash. The per share purchase price represents a 25% premium to Great Lakes\u2019s 90-day volume-weighted average price as of February 10, 2026, the last trading day prior to the announcement, as well as a 5% premium to the company\u2019s all-time high closing price.<\/p>\n \u201cWe are pleased to have reached this agreement with Saltchuk that delivers significant value for our shareholders,\u201d said Lawrence R. Dickerson, chairman of the Great Lakes board. \u201cAfter extensive review, we have determined that this transaction is in the best interests of Great Lakes\u2019 shareholders as it delivers immediate and certain value at a premium to the vompany\u2019s all-time high valuation.\u201d<\/p>\n \u201cWe are happy to join Saltchuk\u2019s family of companies who share our unique company culture, with focus on safety and our community, customers and employees,\u201d said Lasse Petterson<\/a>, Great Lakes\u2019 president and CEO \u201cOur long-term growth strategy will continue with a partner who shares our vision while maintaining our leadership position in U.S. dredging and global offshore energy.\u201d<\/p>\n \u201cWe are honored to begin our association with Great Lakes,\u201d said Mark Tabbutt, chairman of Saltchuk, \u201cOur goal is to provide a permanent home for great companies that serve their communities and Great Lakes is a perfect match. We look forward to welcoming the roughly 1,200 Great Lakes employees joining the Saltchuk family.\u201d<\/p>\n The closing of the tender offer will be subject to customary closing conditions, including the expiration of the Hart-Scott-Rodino Act waiting period and the tender of shares representing at least one share more than a majority of Great Lakes\u2019 outstanding shares of common stock, and is expected to close in Q2 2026. Promptly following the successful completion of the tender offer, Saltchuk will acquire all remaining Great Lakes shares not purchased in the tender offer through a second-step merger at the same price. The company\u2019s board of directors unanimously recommends that Great Lakes\u2019 stockholders tender their shares in the tender offer.<\/p>\n On completion of the transaction, Great Lakes will operate as a standalone business within Saltchuk and its common stock will no longer be listed on the Nasdaq.<\/p>\n The transaction is not subject to a financing condition. It is supported by fully committed financing from Bank of America, Wells Fargo, U.S. Bank, and PNC.<\/p>\n The post Saltchuk to acquire GLDD in $1.5 billion all-cash transaction<\/a> appeared first on Marine Log<\/a>.<\/p>\n<\/div>\n