Texas Capital Downgrades Great Lakes Dredge & Dock Corporation (GLDD) to Hold with a $17 Price Target

Core Viewpoint - Great Lakes Dredge & Dock Corporation (GLDD) is set to be acquired by Saltchuk Resources for $17 per share, with the transaction valued at approximately $1.5 billion, representing a significant premium over its recent trading prices [2][3][4]. Group 1: Acquisition Details - Saltchuk Resources announced a definitive agreement to acquire Great Lakes Dredge for $17 per share in cash, which is a 25% premium to GLDD's 90-day volume-weighted average price as of February 10, 2026 [3]. - The total equity value of the transaction is approximately $1.2 billion, with a total value of $1.5 billion [3]. - The boards of both companies have unanimously approved the acquisition agreement, and the offer is expected to close in the second quarter of 2026, pending customary conditions [4]. Group 2: Company Overview - Great Lakes Dredge & Dock Corporation provides dredging services in the United States, including port expansion, coastal restoration, land reclamation, and marine infrastructure projects [5].