Great Lakes Dredge & Dock to Join the Saltchuk Family of Companies

Core Viewpoint - Great Lakes Dredge & Dock Corporation has entered into a definitive agreement for Saltchuk Resources, Inc. to acquire the company for an aggregate equity value of approximately $1.2 billion and a total transaction value of $1.5 billion, with shareholders set to receive $17.00 per share in cash, representing a 25% premium to the 90-day volume-weighted average price as of February 10, 2026 [1][2]. Group 1: Transaction Details - The acquisition agreement has been unanimously approved by the Board of Directors of both companies [2]. - Saltchuk will commence a tender offer to acquire all outstanding shares of Great Lakes for $17.00 per share in cash, which is a 5% premium to the company's all-time high closing price [2]. - The transaction is expected to close in Q2 2026, subject to customary closing conditions, including regulatory approvals and the tender of shares representing a majority of Great Lakes' outstanding shares [3][4]. Group 2: Company Statements - Great Lakes' Chairman expressed satisfaction with the agreement, stating it delivers significant value for shareholders and is in their best interests [3]. - The President and CEO of Great Lakes highlighted the alignment of company cultures and the continuation of their long-term growth strategy with Saltchuk [3]. - Saltchuk's Chairman emphasized the goal of providing a permanent home for Great Lakes, which aligns with their community-focused values [3]. Group 3: Operational Impact - 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 Nasdaq [4]. - The transaction is supported by fully committed financing from major banks, including Bank of America and Wells Fargo [4]. - Great Lakes has a long history of successful project completion and operates the largest and most diverse fleet in the U.S. dredging industry, with approximately 200 specialized vessels [8].