What's Happening?
Saltchuk Resources, Inc. has announced a definitive agreement to acquire Great Lakes Dredge & Dock Corporation (GLDD) for a total transaction value of $1.5 billion. The acquisition, which has been unanimously approved by the boards of both companies, involves Saltchuk commencing a tender offer to purchase all outstanding shares of GLDD at $17.00 per share in cash. This price represents a 25% premium over GLDD's 90-day volume-weighted average price as of February 10, 2026. The acquisition is expected to close in the second quarter of 2026, subject to customary closing conditions, including regulatory approvals and the expiration of the Hart-Scott-Rodino Act waiting period.
Why It's Important?
This acquisition is significant as it consolidates Saltchuk's position
in the maritime and logistics sectors, adding GLDD's expertise in dredging and offshore energy to its portfolio. For GLDD, the deal provides immediate value to shareholders and aligns with its long-term growth strategy. The acquisition also highlights the ongoing trend of consolidation in the maritime industry, driven by the need for companies to expand their capabilities and market reach. The transaction is expected to enhance Saltchuk's operational capabilities and provide a stable platform for GLDD to continue its leadership in U.S. dredging and global offshore energy markets.
What's Next?
Following the successful completion of the tender offer, Saltchuk plans to acquire all remaining GLDD shares not purchased in the tender offer through a second-step merger at the same price. GLDD will operate as a standalone business within Saltchuk, and its common stock will no longer be listed on the Nasdaq. The transaction is supported by fully committed financing from major banks, ensuring financial stability for the acquisition. The integration process will likely focus on aligning GLDD's operations with Saltchuk's strategic goals while maintaining its unique company culture and focus on safety, community, and customer service.
