Saltchuk Acquires GLDD for $1.5B
Great Lakes Dredge & Dock Corporation and Saltchuk Resources, Inc. announced 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.
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.
“We are pleased to have reached this agreement with Saltchuk that delivers significant value for our shareholders,” said Lawrence R. Dickerson, Chairman of the Great Lakes Board of Directors. “After extensive review, we have determined that this transaction is in the best interests of Great Lakes’ shareholders as it delivers immediate and certain value at a premium to the Company’s all-time high valuation.”
“We are happy to join Saltchuk’s family of companies who share our unique company culture, with focus on safety and our community, customers and employees,” said Lasse Petterson, Great Lakes’ President and Chief Executive Officer. “Our 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.”
Mark Tabbutt, Chairman of Saltchuk, said: “We are honored to begin our association with Great Lakes. Our 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.”
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.
Guggenheim Securities, LLC is acting as exclusive financial advisor to Great Lakes and Sidley Austin LLP is acting as legal advisor to Great Lakes. Evercore is acting as exclusive financial advisor to Saltchuk and Fried, Frank, Harris, Shriver & Jacobson LLP is acting as legal advisor to Saltchuk.
