Saltchuk to Acquire Great Lakes for $1.2 Billion
Great Lakes Dredge & Dock Corporation and Saltchuk Resources announced a definitive agreement for Saltchuk to acquire Great Lakes at an aggregate equity value of approximately $1.2B and a total transaction value of $1.5B. Under the terms of the agreement, which has been unanimously approved by the Board of Directors 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's 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's all-time high closing price. 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' 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's Board of Directors unanimously recommends that Great Lakes' stockholders tender their shares in the tender offer. Upon 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. 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.
