Tender Offer Made in Connection with Parties’ Pending Business Combination Expected to Close Early in the Second QuarterHOUSTON and SEATTLE, March 18, 2026 (GLOBE NEWSWIRE) -- Saltchuk Resources, Inc. (the “Offeror”) and Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) (the “Company”) announced that the Offeror has commenced a cash tender offer (the “Tender Offer”) for any and all of the Company’s 5.25% Senior Notes due 2029 (the “Notes”). In conjunction with the Tender Offer, the Offeror is soliciting ( ...

Core Viewpoint - Kahn Swick & Foti, LLC is investigating the proposed sale of Golden Entertainment, Inc. to assess the adequacy of the price and process involved in the transaction [1] Group 1: Proposed Transaction Details - Golden Entertainment, Inc. plans to sell its operating assets to Blake L. Sartini and affiliates, and seven casino real estate assets to VICI Properties Inc. [1] - Shareholders of Golden will receive a fixed exchange ratio of 0.902 shares of VICI common stock and $2.75 from Blake Sartini for each share of Golden they own [1] Group 2: Investigation Purpose - Kahn Swick & Foti, LLC aims to determine whether the proposed consideration undervalues Golden Entertainment and whether the process leading to this transaction is adequate [1]

Company Overview - Saltchuk Resources, Inc. is a privately owned family of diversified freight transportation, marine service, and energy distribution companies, with consolidated annual revenue of approximately $5.6 billion and 8,800 employees [9] - Great Lakes Dredge & Dock Corporation (GLDD) is the largest provider of dredging services in the United States, with a history of significant international projects and a commitment to expanding into the offshore energy industry [10] Merger Announcement - Saltchuk's wholly-owned subsidiary, Huron MergeCo., Inc., commenced a tender offer for all issued and outstanding shares of GLDD at a price of $17.00 per share in cash [1] - The GLDD Board of Directors has unanimously determined that the Merger Agreement and the Offer are in the best interests of GLDD's stockholders and recommends that stockholders tender their shares [2] Offer Details - The tender offer will expire at one minute after 11:59 p.m. New York City time on March 31, 2026, unless extended or terminated earlier [3] - The acceptance and payment for shares tendered in the offer are subject to conditions, including a minimum tender condition and other customary conditions for transactions of this type [4] Post-Merger Structure - Upon completion of the offer and satisfaction of certain conditions, Purchaser will merge with GLDD, with GLDD continuing as the surviving entity, and outstanding shares will be cancelled and converted into the right to receive the offer price [4]

Core Insights - Great Lakes Dredge & Dock Corporation reported record full year revenue of $888.3 million, a $125.6 million increase from 2024, driven by higher capital, coastal protection, and offshore energy revenues [7][13] - The company achieved a full year net income of $73.5 million, up $16.2 million from $57.3 million in 2024, with adjusted net income of $81.6 million [7][13] - Great Lakes signed two international offshore energy contracts, which will keep the Acadia utilized in Europe for most of 2027 [5] Full Year 2025 Highlights - Total operating income for the year was $127.8 million, an increase of $35.0 million from the previous year [13] - Adjusted EBITDA reached a record $171.3 million, reflecting improved project performance and higher revenues [7][13] - The company had a backlog of $888.1 million as of December 31, 2025, with $763.2 million in dredging backlog and $124.8 million in offshore energy backlog [7][13][28] Fourth Quarter 2025 Highlights - Revenue for the fourth quarter was $256.5 million, an increase of $53.7 million from the same period in 2024, primarily due to the first full quarter of the Amelia Island project [8][7] - Net income for the fourth quarter was $12.6 million, down from $19.7 million in the prior year, largely due to an $8.1 million one-time expense related to debt extinguishment [8][7] - Adjusted EBITDA for the fourth quarter was $44.0 million, reflecting improved project performance despite increased drydocking expenses [8][7] Operational Update - The company reported a gross profit of $203.5 million for the full year, with a gross profit margin of 22.9%, up from 21.1% in 2024 [13] - Total capital expenditures for 2025 were $143.9 million, including significant investments in the construction of the Acadia and Amelia Island projects [13] - As of December 31, 2025, the company had $13.4 million in cash and cash equivalents and total long-term debt of $378.2 million [13][27] Strategic Developments - On February 11, 2026, Great Lakes announced a definitive agreement for Saltchuk Resources, Inc. to acquire the company, with the transaction expected to close in Q2 2026 [4] - The company is actively expanding its core business into the offshore energy sector, leveraging its extensive experience and fleet [16]

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].

Core Insights - Great Lakes Dredge & Dock Corporation (GLDD) is expected to report its fourth-quarter 2025 financial results on February 17, 2026, before the market opens [1] - The company's adjusted earnings per share (EPS) in the last reported quarter exceeded the Zacks Consensus Estimate by 52.9%, while revenues fell short by 3.1% but showed year-over-year growth [1] Earnings Performance - GLDD has consistently surpassed earnings estimates in the last four quarters, with an average surprise of 65.5% [2] - The Zacks Consensus Estimate for the upcoming quarter's EPS has decreased to 20 cents from 22 cents over the past month, indicating a 31% year-over-year decline from the adjusted EPS of 29 cents [3] Revenue Expectations - The consensus estimate for revenues in the upcoming quarter is $218.7 million, reflecting a 7.8% year-over-year increase [3] - The fourth-quarter performance is anticipated to be bolstered by a strong backlog and increased dredging volumes across various projects, including capital, coastal protection, and maintenance work [4] Project and Market Dynamics - Continued funding from the U.S. Army Corps of Engineers and sustained activity in coastal resilience and infrastructure projects are expected to support demand for dredging services [5] - Capital dredging, which accounted for 64.7% of total revenues in the third quarter of 2025, is the primary growth driver, supported by major port-deepening and LNG-related projects [6] Revenue Breakdown - The Zacks Consensus Estimate for Dredging Capital revenues is $104.2 million, a 5.5% increase from $98.8 million in the previous year [7] - Dredging Maintenance revenues are estimated at $23.4 million, indicating a 16.4% decrease from $28 million a year ago, while Dredging Coastal Protection revenues are expected to grow by 10.9% to $83.5 million [7] Margin Considerations - Profitability in the fourth quarter may face pressure from costs associated with a heavy dry-docking schedule, labor, and fuel expenses [10] - However, improved fleet utilization and project execution are expected to partially offset these challenges, supported by a favorable project mix [10]

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].

Company Overview - Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States and has a significant history of international projects [4] - The company is expanding its core business into the offshore energy industry [4] - Great Lakes operates the largest and most diverse fleet in the U.S. dredging industry, consisting of approximately 200 specialized vessels [4] - The company has a disciplined training program for engineers to ensure performance based on experience [4] - Great Lakes has a strong safety management program, Incident-and Injury-Free® (IIF®), integrated into its culture [4] Financial Results Announcement - Great Lakes will release its financial results for the three and twelve months ended December 31, 2025, on February 17, 2026, at 7:00 a.m. C.S.T. [1] - A conference call will be held the same day at 9:00 a.m. C.S.T. [1] Conference Call Registration - Investors and analysts are encouraged to pre-register for the conference call to gain immediate access [2] - Pre-registration can be completed at any time up to the call start time [2] - The live call and replay will be available on the company's website under Events on the Investor Relations page [3]

Group 1: RenaissanceRe (RNR) - RenaissanceRe provides property-catastrophe reinsurance globally on an excess of loss basis [1] - The company has a Zacks Rank 1 (Strong Buy) and a Growth Score of A [2] - The Zacks Consensus Estimate for its current year earnings has increased by 12.9% over the last 60 days [1] Group 2: Great Lakes Dredge & Dock (GLDD) - Great Lakes Dredge & Dock is the largest provider of dredging services in the US [2] - The company also holds a Zacks Rank 1 and a Growth Score of A [3] - The Zacks Consensus Estimate for its current year earnings has increased by 6.9% over the last 60 days [2] Group 3: Phibro Animal Health (PAHC) - Phibro Animal Health is a leading global diversified animal health and mineral nutrition company [3] - The company carries a Zacks Rank 1 and has a Growth Score of B [4] - The Zacks Consensus Estimate for its current year earnings has increased by 9.1% over the last 60 days [3]

Core Insights - Net profit is a crucial indicator of a company's financial health, reflecting its ability to convert sales into profits [1] - A low profit margin indicates higher risks, while companies like Great Lakes Dredge & Dock Corporation (GLDD), Strattec Security Corporation (STRT), Natural Gas Services Group, Inc. (NGS), and Standard Motor Products, Inc. (SMP) demonstrate solid net profit margins [2] - A higher net profit margin compared to peers provides a competitive edge and attracts investors and skilled employees [4] Financial Metrics - Net Profit Margin is calculated as Net Profit/Sales * 100, serving as a reference for assessing operational strength and cost control [3] - A healthy net profit margin and solid EPS growth are essential for maximizing returns [7] Screening Criteria - Companies with a net margin of at least 0% indicate solid profitability [8] - Positive percentage change in EPS indicates earnings growth [8] - A Zacks Rank of 1 or 2 suggests strong performance potential [10] Selected Companies - GLDD is the largest provider of dredging services in the U.S., with a Zacks Rank of 1 and a VGM Score of A; its 2026 earnings estimate has increased by $0.10 to $1.09 per share [10][11] - STRT designs and manufactures automotive locks, holding a Zacks Rank of 1 and a VGM Score of A; its 2026 earnings estimate has risen by 23.3% to $5.24 per share [12][13] - NGS produces natural gas compressors, also with a Zacks Rank of 1 and a VGM Score of B; its 2026 earnings estimate has increased by 14.1% to $2.11 per share [13][14] - SMP manufactures automotive replacement parts, currently holding a Zacks Rank of 2 and a VGM Score of A; its 2026 earnings estimate has risen by $0.04 to $4.31 per share [15][16]