Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) saw its shares rise 4.7% in premarket trading Wednesday after announcing an agreement to be acquired by Saltchuk Resources in a transaction that values the U.S. dredging services provider at approximately $1.2 billion.
Under the terms laid out in the agreement, Saltchuk will commence a tender offer to purchase all outstanding Great Lakes shares for $17.00 per share in cash. That per-share purchase price represents a 25% premium relative to Great Lakes’ 90-day volume-weighted average price as of February 10, 2026, and is 5% higher than the company’s all-time high closing price.
Board leadership commented on the deal. "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, adding that the transaction delivers "immediate and certain value at a premium to the Company’s all-time high valuation." The agreement was unanimously approved by the boards of both organizations.
The transaction is anticipated to be finalized in the second quarter of 2026, subject to customary closing conditions. Those conditions include regulatory approval and the successful tender of at least a majority of Great Lakes’ outstanding shares.
Once the deal is completed, Great Lakes will operate as a standalone business within Saltchuk and its common stock will be removed from listing on the Nasdaq exchange. Financing for the acquisition is fully committed and provided by Bank of America, Wells Fargo, U.S. Bank, and PNC.
Great Lakes is identified in the agreement as the largest provider of dredging services in the United States. Saltchuk is described as a privately owned family of companies with operations spanning diversified freight transportation, marine services, and energy distribution.
Clear summary
Saltchuk Resources will buy Great Lakes Dredge & Dock for roughly $1.2 billion in cash through a $17.00-per-share tender offer that carries a meaningful premium to recent trading levels and the company’s record closing price. The boards have approved the deal, which is slated to close in the second quarter of 2026 if customary conditions are met; committed financing is in place from four banks. Post-closing, Great Lakes will continue as a standalone unit within Saltchuk and will no longer trade on Nasdaq.
Key points
- Acquisition value: Approximately $1.2 billion; $17.00 per share in cash.
- Premiums: 25% above the 90-day VWAP as of February 10, 2026; 5% above the all-time high closing price.
- Corporate and market impact: The deal affects the dredging and maritime services sector and has implications for financial markets where GLDD shares trade; financing is provided by major commercial banks.
Risks and uncertainties
- Regulatory approval is required - regulatory review could delay or condition closing; this affects both the maritime services sector and broader transaction activity.
- The transaction depends on the tender of at least a majority of outstanding Great Lakes shares - insufficient shareholder participation would prevent closing; this impacts equity holders and market liquidity for GLDD.
- Customary closing conditions must be satisfied - unmet conditions could alter the timetable or outcome, affecting creditors and counterparties involved in financing and operations.