Saltchuk Offers $17.00 Per Share to Acquire GLDD
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 6 days ago
0mins
Should l Buy GLDD?
Saltchuk Resources and Great Lakes Dredge & Dock Corporation announced that on March 4, Saltchuk's wholly-owned subsidiary, Huron MergeCo., commenced its tender offer for all issued and outstanding shares of common stock of GLDD at a price of $17.00 per Share in cash, subject to any required tax withholdings and without interest. The Offer is being made pursuant to the Agreement and Plan of Merger, dated as of February 10, by and among Saltchuk, Purchaser, and GLDD, which Saltchuk and GLDD announced on February 11. The GLDD Board of Directors has unanimously determined that the Merger Agreement and the Offer are in the best interests of GLDD's stockholders. The GLDD Board of Directors also recommends that the stockholders of GLDD tender their shares to Purchaser pursuant to the Offer. The Offer will expire at one minute after 11:59 p.m. New York City time on March 31, unless extended or earlier terminated. Instructions to tender Shares are being communicated to stockholders through MacKenzie Partners, Inc., the information agent for the Offer, or the institution or brokerage that holds Shares on the stockholder's behalf.
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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.
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