Investigation into Great Lakes Dredge & Dock's Sale
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3 days ago
0mins
Should l Buy GLDD?
Source: Globenewswire
- Shareholder Rights Investigation: Johnson Fistel, PLLP has initiated an investigation into whether the board members of Great Lakes Dredge & Dock Corporation breached their fiduciary duties in relation to the proposed sale to Saltchuk Resources, aiming to protect shareholder interests.
- Transaction Value Concerns: Great Lakes announced a merger agreement with Saltchuk Resources, offering shareholders $17.00 per share in cash; however, the investigation raises questions about whether this deal adequately reflects the company's intrinsic value, potentially impacting long-term shareholder interests.
- Law Firm Achievements: In 2024, Johnson Fistel was ranked among the Top 10 Plaintiff Law Firms, having recovered approximately $90.725 million for clients, demonstrating its effectiveness in advocating for investors' rights and securing significant recoveries.
- Invitation to Participate: Shareholders who believe the transaction undervalues their investment are encouraged to join the investigation to ensure their rights are protected, highlighting the importance of corporate governance and shareholder engagement.
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Analyst Views on GLDD
Wall Street analysts forecast GLDD stock price to fall
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 16.950
Low
14.00
Averages
14.00
High
14.00
Current: 16.950
Low
14.00
Averages
14.00
High
14.00
About GLDD
Great Lakes Dredge & Dock Corporation is a provider of dredging services. The Company is also engaged in developing offshore wind energy. It operates three types of dredging equipment: hopper dredges, hydraulic dredges, and mechanical dredges. Its dredging generally involves the enhancement or preservation of the navigability of waterways or the protection of shorelines through the removal or replenishment of soil, sand, or rock. Domestically, its work is generally performed in coastal waterways and deep-water ports. The United States dredging market consists of four primary types of work: capital, coastal protection, maintenance, and rivers and lakes. The Company's capital dredging consists primarily of port expansion projects. Its domestic dredging fleet is positioned on the East and Gulf Coasts, with a smaller number of vessels positioned on the West Coast, and with the rivers and lakes dredges on inland rivers and lakes. It comprises approximately 200 specialized vessels.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Great Lakes Dredge & Dock to Announce Q4 Earnings on February 16
- Earnings Announcement: Great Lakes Dredge & Dock is set to release its Q4 earnings on February 16 before market open, with a consensus EPS estimate of $0.20, reflecting a 31% year-over-year decline, which may impact investor sentiment.
- Revenue Expectations: The company anticipates Q4 revenue of $216.3 million, representing a 6.7% year-over-year increase, indicating growth potential amid industry recovery, which could attract more investor interest in its future performance.
- Historical Performance: Over the past year, GLDD has beaten EPS estimates 100% of the time and revenue estimates 75% of the time, a strong performance record that may bolster market confidence ahead of the upcoming earnings report.
- Estimate Revisions: In the last three months, there have been no upward revisions to EPS estimates and three downward revisions, while revenue estimates saw one upward revision, reflecting a cautious market outlook on the company's future performance, potentially influencing investor decisions.
See More
Investor Rights Law Firm Investigates Multiple Companies
- Investigation Background: Halper Sadeh LLC is investigating European Wax Center (NASDAQ: EWCZ) for its sale to General Atlantic at $5.80 per share in cash, potentially violating fiduciary duties to shareholders.
- Shareholder Rights: The firm encourages European Wax shareholders to contact them to discuss their rights and options at no cost, emphasizing their commitment to protecting shareholder interests.
- Other Company Investigations: Additionally, Halper Sadeh LLC is also looking into Clear Channel Outdoor Holdings (NYSE: CCO) for its sale to Mubadala Capital at $2.43 per share in cash, which may also contain unfavorable terms for shareholders.
- Legal Remedies: The firm may seek increased consideration, additional disclosures, or other relief on behalf of shareholders to ensure their legal rights are upheld.
See More
Investigation into Great Lakes Dredge & Dock's Sale
- Shareholder Rights Investigation: Johnson Fistel, PLLP has initiated an investigation into whether the board members of Great Lakes Dredge & Dock Corporation breached their fiduciary duties in relation to the proposed sale to Saltchuk Resources, aiming to protect shareholder interests.
- Transaction Value Concerns: Great Lakes announced a merger agreement with Saltchuk Resources, offering shareholders $17.00 per share in cash; however, the investigation raises questions about whether this deal adequately reflects the company's intrinsic value, potentially impacting long-term shareholder interests.
- Law Firm Achievements: In 2024, Johnson Fistel was ranked among the Top 10 Plaintiff Law Firms, having recovered approximately $90.725 million for clients, demonstrating its effectiveness in advocating for investors' rights and securing significant recoveries.
- Invitation to Participate: Shareholders who believe the transaction undervalues their investment are encouraged to join the investigation to ensure their rights are protected, highlighting the importance of corporate governance and shareholder engagement.
See More
Surge in Options Trading Volume for GLDD and GOOG
- GLDD Options Volume: Great Lakes Dredge & Dock Corp (GLDD) saw options trading volume of 10,404 contracts today, representing approximately 100.4% of its average daily trading volume, indicating strong market interest in its future performance.
- High Call Option Activity: Within GLDD, the $15 strike call option has traded 2,588 contracts today, representing about 258,800 shares, suggesting investor expectations for future price increases.
- GOOG Options Trading Dynamics: Alphabet Inc (GOOG) has recorded an options trading volume of 240,390 contracts today, accounting for approximately 98% of its average daily trading volume, reflecting strong market interest in its stock.
- Surge in Call Option Trading: The $312.50 strike call option for GOOG has seen 11,999 contracts traded today, representing around 1.2 million shares, indicating investor confidence in its future growth potential.
See More
Ademi LLP Investigates Great Lakes Transaction Compliance
- Shareholder Rights Investigation: Ademi LLP is investigating Great Lakes (NASDAQ:GLDD) for potential breaches of fiduciary duty in its transaction with Saltchuk Resources, which has a total transaction value of $1.5 billion, offering shareholders $17.00 per share, totaling approximately $1.2 billion in equity value.
- Insider Benefits: The transaction agreement provides substantial benefits to Great Lakes insiders due to change of control arrangements, raising concerns about whether the board is fulfilling its fiduciary duties to all shareholders, which could impact corporate governance.
- Limitations on Competing Bids: The agreement imposes significant penalties on Great Lakes for accepting competing bids, potentially harming shareholder interests and limiting market competition, which raises questions about the fairness of the deal.
- Litigation Expertise: Ademi LLP specializes in shareholder litigation related to buyouts, mergers, and individual shareholder rights, aiming to ensure that shareholder interests are protected and to maintain fairness and transparency in the market.
See More
Saltchuk to Acquire Great Lakes Dredge & Dock for $1.5B
- Acquisition Overview: Saltchuk Resources has agreed to acquire Great Lakes Dredge & Dock for approximately $1.5 billion, with a purchase price of $17 per share, representing a 25% premium over the stock's 90-day volume-weighted average price as of February 10.
- Shareholder Value Assurance: Great Lakes Dredge & Dock Chairman Lawrence Dickerson stated that after extensive review, the transaction is deemed in the best interests of shareholders, delivering immediate and certain value above the company's all-time high valuation.
- Commitment to Independent Operations: Following the transaction's closure, Great Lakes Dredge & Dock will operate as a standalone business within Saltchuk, ensuring its independence and continued growth in the market.
- Impact of Nasdaq Delisting: With the completion of the acquisition, Great Lakes Dredge & Dock's shares will no longer be listed on Nasdaq, marking a new phase in the company's development while potentially affecting its liquidity and market perception.
See More
Great Lakes Dredge & Dock to Announce Q4 Earnings on February 16
- Earnings Announcement: Great Lakes Dredge & Dock is set to release its Q4 earnings on February 16 before market open, with a consensus EPS estimate of $0.20, reflecting a 31% year-over-year decline, which may impact investor sentiment.
- Revenue Expectations: The company anticipates Q4 revenue of $216.3 million, representing a 6.7% year-over-year increase, indicating growth potential amid industry recovery, which could attract more investor interest in its future performance.
- Historical Performance: Over the past year, GLDD has beaten EPS estimates 100% of the time and revenue estimates 75% of the time, a strong performance record that may bolster market confidence ahead of the upcoming earnings report.
- Estimate Revisions: In the last three months, there have been no upward revisions to EPS estimates and three downward revisions, while revenue estimates saw one upward revision, reflecting a cautious market outlook on the company's future performance, potentially influencing investor decisions.
See More
Investor Rights Law Firm Investigates Multiple Companies
- Investigation Background: Halper Sadeh LLC is investigating European Wax Center (NASDAQ: EWCZ) for its sale to General Atlantic at $5.80 per share in cash, potentially violating fiduciary duties to shareholders.
- Shareholder Rights: The firm encourages European Wax shareholders to contact them to discuss their rights and options at no cost, emphasizing their commitment to protecting shareholder interests.
- Other Company Investigations: Additionally, Halper Sadeh LLC is also looking into Clear Channel Outdoor Holdings (NYSE: CCO) for its sale to Mubadala Capital at $2.43 per share in cash, which may also contain unfavorable terms for shareholders.
- Legal Remedies: The firm may seek increased consideration, additional disclosures, or other relief on behalf of shareholders to ensure their legal rights are upheld.
See More
Investigation into Great Lakes Dredge & Dock's Sale
- Shareholder Rights Investigation: Johnson Fistel, PLLP has initiated an investigation into whether the board members of Great Lakes Dredge & Dock Corporation breached their fiduciary duties in relation to the proposed sale to Saltchuk Resources, aiming to protect shareholder interests.
- Transaction Value Concerns: Great Lakes announced a merger agreement with Saltchuk Resources, offering shareholders $17.00 per share in cash; however, the investigation raises questions about whether this deal adequately reflects the company's intrinsic value, potentially impacting long-term shareholder interests.
- Law Firm Achievements: In 2024, Johnson Fistel was ranked among the Top 10 Plaintiff Law Firms, having recovered approximately $90.725 million for clients, demonstrating its effectiveness in advocating for investors' rights and securing significant recoveries.
- Invitation to Participate: Shareholders who believe the transaction undervalues their investment are encouraged to join the investigation to ensure their rights are protected, highlighting the importance of corporate governance and shareholder engagement.
See More
Surge in Options Trading Volume for GLDD and GOOG
- GLDD Options Volume: Great Lakes Dredge & Dock Corp (GLDD) saw options trading volume of 10,404 contracts today, representing approximately 100.4% of its average daily trading volume, indicating strong market interest in its future performance.
- High Call Option Activity: Within GLDD, the $15 strike call option has traded 2,588 contracts today, representing about 258,800 shares, suggesting investor expectations for future price increases.
- GOOG Options Trading Dynamics: Alphabet Inc (GOOG) has recorded an options trading volume of 240,390 contracts today, accounting for approximately 98% of its average daily trading volume, reflecting strong market interest in its stock.
- Surge in Call Option Trading: The $312.50 strike call option for GOOG has seen 11,999 contracts traded today, representing around 1.2 million shares, indicating investor confidence in its future growth potential.
See More
Ademi LLP Investigates Great Lakes Transaction Compliance
- Shareholder Rights Investigation: Ademi LLP is investigating Great Lakes (NASDAQ:GLDD) for potential breaches of fiduciary duty in its transaction with Saltchuk Resources, which has a total transaction value of $1.5 billion, offering shareholders $17.00 per share, totaling approximately $1.2 billion in equity value.
- Insider Benefits: The transaction agreement provides substantial benefits to Great Lakes insiders due to change of control arrangements, raising concerns about whether the board is fulfilling its fiduciary duties to all shareholders, which could impact corporate governance.
- Limitations on Competing Bids: The agreement imposes significant penalties on Great Lakes for accepting competing bids, potentially harming shareholder interests and limiting market competition, which raises questions about the fairness of the deal.
- Litigation Expertise: Ademi LLP specializes in shareholder litigation related to buyouts, mergers, and individual shareholder rights, aiming to ensure that shareholder interests are protected and to maintain fairness and transparency in the market.
See More
Saltchuk to Acquire Great Lakes Dredge & Dock for $1.5B
- Acquisition Overview: Saltchuk Resources has agreed to acquire Great Lakes Dredge & Dock for approximately $1.5 billion, with a purchase price of $17 per share, representing a 25% premium over the stock's 90-day volume-weighted average price as of February 10.
- Shareholder Value Assurance: Great Lakes Dredge & Dock Chairman Lawrence Dickerson stated that after extensive review, the transaction is deemed in the best interests of shareholders, delivering immediate and certain value above the company's all-time high valuation.
- Commitment to Independent Operations: Following the transaction's closure, Great Lakes Dredge & Dock will operate as a standalone business within Saltchuk, ensuring its independence and continued growth in the market.
- Impact of Nasdaq Delisting: With the completion of the acquisition, Great Lakes Dredge & Dock's shares will no longer be listed on Nasdaq, marking a new phase in the company's development while potentially affecting its liquidity and market perception.
See More
