Saltchuk to Acquire Great Lakes Dredge and Dock for $1.5B at $17 Per Share
Saltchuk will acquire Great Lakes Dredge and Dock for $1.5 billion by offering $17 per share, a 25% premium to the 90-day VWAP and 5% above its all-time high close. The tender offer, unanimously approved by both boards, targets closing in Q2 2026, after which Nasdaq trading will cease.
1. Acquisition Terms and Valuation
Saltchuk Resources will commence an all-cash tender offer to acquire Great Lakes Dredge and Dock at $17.00 per share, implying an equity value of approximately $1.2 billion and a total transaction value of $1.5 billion. The offer price represents a 25% premium to the 90-day volume-weighted average price and a 5% premium to the company’s record high closing price.
2. Tender Offer Timeline and Conditions
The transaction has been unanimously approved by both Great Lakes and Saltchuk boards and is expected to close in Q2 2026, subject to Hart-Scott-Rodino Act clearance and tendering of shares representing a majority of outstanding stock. Following the tender, Saltchuk will complete a second-step merger to acquire any remaining shares and delist Great Lakes from Nasdaq.
3. Strategic Rationale and Operational Outlook
Post-closing, Great Lakes will operate as a standalone business within Saltchuk’s diversified portfolio, preserving its leadership in U.S. dredging and offshore energy expansion. The agreement secures immediate cash value for roughly 1,200 employees and aligns with both companies’ focus on safety, community engagement and long-term growth.