Saltchuk to acquire Great Lakes Dredge & Dock for $1.2 billion

Saltchuk Resources Inc. announced a definitive agreement to acquire Great Lakes Dredge & Dock Corporation (GLDD) for approximately $1.2 billion in aggregate equity value and $1.5 billion total transaction value.

Under the agreement, Saltchuk will commence a tender offer to acquire all outstanding shares of Great Lakes for $17.00 per share in cash. The purchase price represents a 25% premium to Great Lakes’ 90-day volume-weighted average price as of February 10, 2026, and a 5% premium to the company’s all-time high closing price.

The boards of directors of both companies have unanimously approved the transaction. Great Lakes’ board recommends that stockholders tender their shares in the offer.

“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.”

The transaction is expected to close in the second quarter of 2026, subject to customary closing conditions including Hart-Scott-Rodino Act approval and the tender of shares representing at least a majority of Great Lakes’ outstanding common stock. Following completion of the tender offer, Saltchuk will acquire remaining shares through a second-step merger at the same price.