Saltchuk Welcomes Great Lakes Dredge & Dock to its Family of Companies

Saltchuk completed acquisition of Great Lakes Dredge & Dock (GLDD) effective April 1, 2026, for $17.00 per share in cash and an enterprise value of approximately $1.5 billion.

Rhea-AI Summary

Saltchuk completed acquisition of Great Lakes Dredge & Dock (GLDD) effective April 1, 2026, for $17.00 per share in cash and an enterprise value of approximately $1.5 billion. Great Lakes becomes a wholly owned, stand-alone Saltchuk subsidiary and will be delisted and deregistered from NASDAQ.

Approximately 79.88% of shares were validly tendered; additional details on a related debt tender offer will follow.

Positive

• Acquisition price of $17.00 per share
• Enterprise value of approximately $1.5 billion
• Great Lakes becomes a wholly owned, stand-alone subsidiary
• Adds dredging services, diversifying Saltchuk portfolio
• Approximately 79.88% of shares validly tendered

Negative

• Great Lakes common stock will be delisted and deregistered, reducing liquidity
• Remaining minority shareholders may be unsatisfied due to 20.12% non-tendered shares
• Outstanding debt tender offer details remain pending, creating short-term uncertainty

Key Figures

Purchase price per share: $17.00 per share Enterprise value: approximately $1.5 billion Team members: nearly 10,000 +5 more

Purchase price per share

$17.00 per share

Cash consideration paid by Saltchuk for each GLDD share

Enterprise value

approximately $1.5 billion

Enterprise value of GLDD in Saltchuk transaction

Team members

nearly 10,000

Combined Saltchuk workforce after including Great Lakes

Shares tendered

53,738,558 shares

GLDD shares validly tendered and not withdrawn in offer

Tendered ownership

79.88%

Percentage of issued and outstanding GLDD shares tendered

Tender expiration time

one minute after 11:59 p.m.

Expiration time on March 31, 2026 for equity tender offer

Tender expiration date

March 31, 2026

Expiration date of the equity tender offer for GLDD shares

Senior notes maturity

2029

Maturity year of 5.25% Senior Notes referenced in prior debt tender

Historical Context

5 past events · Latest: Mar 19

5 events

1. Mar 19

   Fairness review headline

   24h Move

   +0.1%

   Article questioned whether GLDD shareholders were receiving fair deal terms.

2. Mar 18

   Debt tender offer

   24h Move

   -0.1%

   Saltchuk and GLDD announced cash tender offer for 5.25% Senior Notes due 2029.

3. Mar 16

   Fairness review headline

   24h Move

   +0.1%

   Another piece questioning whether GLDD shareholders were obtaining fair deals.

4. Mar 10

   Fairness review headline

   24h Move

   -0.1%

   Coverage grouped GLDD with other firms on fairness of proposed deals.

5. Mar 04

   Equity tender launch

   24h Move

   -0.2%

   Saltchuk subsidiary commenced all-cash tender offer for GLDD at $17.00 per share.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

wholly owned subsidiary, enterprise value, tender offer, depositary, +4 more

8 terms

wholly owned subsidiary financial

"welcomed Great Lakes Dredge & Dock Corporation (“Great Lakes”) as its newest wholly owned subsidiary."

A wholly owned subsidiary is a company whose entire ownership is held by another company (the parent), so the parent controls decisions, operations, and finances. Think of it as a fully controlled branch that runs as its own legal entity but whose results flow straight into the parent’s financial statements; investors watch these structures because they affect consolidated revenue, risk exposure, and how profits, liabilities, and cash flow are allocated across the corporate group.

enterprise value financial

"for a purchase price of $17.00 per share in cash, and an enterprise value of approximately $1.5 billion."

Enterprise value is the total worth of a company, reflecting what it would cost to buy the entire business. It includes the company's market value plus any debts, minus its cash holdings, offering a comprehensive picture of its true value. Investors use it to compare companies regardless of their capital structures, helping them assess how much they would need to pay to acquire the business.

View in glossary

tender offer financial

"the tender offer for all of the outstanding shares of common stock of Great Lakes for $17.00 per share"

A tender offer is a proposal made by a person or company to buy shares from existing shareholders at a set price, usually higher than the current market value, within a specific time frame. It matters to investors because it can lead to a change in ownership or control of a company, and shareholders must decide whether to sell their shares at the offered price.

View in glossary

depositary financial

"Broadridge Corporate Issuer Solutions, LLC, acting as joint depositary and paying agent for the tender offer"

A depositary is a financial institution that holds and safeguards financial assets, such as stocks or bonds, on behalf of investors. It ensures that ownership records are accurate and that transactions are processed securely. For investors, a depositary provides a trustworthy way to manage their investments, similar to a secure vault that keeps valuables safe and organized.

paying agent financial

"Broadridge Corporate Issuer Solutions, LLC, acting as joint depositary and paying agent for the tender offer"

A paying agent is a bank or company that helps deliver payments, like interest or dividends, to investors. It’s like a trusted middleman who makes sure everyone gets their money on time, so investors don’t have to handle the details themselves.

NASDAQ regulatory

"all shares of Great Lakes common stock will cease trading, and all shares of Great Lakes common stock will subsequently be delisted from NASDAQ"

The Nasdaq is a stock exchange where many companies' shares are bought and sold, functioning much like a marketplace for investments. It matters to investors because it provides a platform to buy and sell ownership stakes in companies, helping them track the value of those companies and make informed decisions. As one of the largest and most technology-focused markets, it also reflects trends and developments in the business world.

View in glossary

delisted regulatory

"all shares of Great Lakes common stock will subsequently be delisted from NASDAQ and deregistered"

Delisted means a company's shares have been removed from a public stock exchange and are no longer traded on that venue. For investors this matters because it reduces ease of buying or selling the stock, cuts off regular price discovery and exchange oversight, and can signal regulatory or financial problems; it's like a product being pulled from a supermarket shelf and only available through harder-to-find channels.

deregistered regulatory

"and all shares of Great Lakes common stock will subsequently be delisted from NASDAQ and deregistered under the Securities Exchange Act of 1934"

Deregistered means a company has removed its securities from formal registration with a securities regulator or an exchange, ending routine public filing and listing obligations. For investors this matters because it typically reduces regular disclosure and can lower share liquidity and market visibility—think of a shop that stops publishing its sales and closes its store window, making it harder to watch performance and buy or sell quickly.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEATTLE and HOUSTON, April 01, 2026 (GLOBE NEWSWIRE) -- Saltchuk Resources, Inc. (“Saltchuk”) today welcomed Great Lakes Dredge & Dock Corporation (“Great Lakes”) as its newest wholly owned subsidiary. The transaction closed this morning for a purchase price of $17.00 per share in cash, and an enterprise value of approximately $1.5 billion.  

“We're proud to welcome Great Lakes to the Saltchuk family of companies,” said Saltchuk Chairman Mark Tabbutt. “With Great Lakes, we have grown to nearly 10,000 team members united by a shared commitment: delivering safe, responsible, and reliable service to the communities we serve. We look forward to supporting Great Lakes’ reinvestment and growth ambitions for generations to come.”

Great Lakes joins Saltchuk as a stand-alone business unit, and it will continue to operate independently under its experienced leadership. The acquisition diversifies  Saltchuk’s portfolio, adding dredging services to complement more than 30 other U.S. freight transportation, marine services, and energy distribution companies.

“Joining Saltchuk’s family of companies is a proud moment for us, as it is an organization that shares our deeply rooted culture and unwavering commitment to safety, to the communities we serve, our valued customers, and our dedicated employees. This partnership represents a natural alignment of values and vision, providing a strong foundation for continued collaboration and success,” said Lasse Petterson, Great Lakes’s President and Chief Executive Officer. “As we look ahead, we remain focused on executing our long-term growth strategy with discipline and purpose. At the same time, we are committed to maintaining and enhancing our leadership position in U.S. dredging, the global offshore energy sector, and continuing to deliver excellence and innovation across all aspects of our business.”

The transaction was previously announced on February 11, 2026, and the tender offer for all of the outstanding shares of common stock of Great Lakes for $17.00 per share, net to the seller in cash, without interest and subject to any required tax withholdings, by Huron MergeCo., Inc., a wholly owned subsidiary of Saltchuk, expired at one minute after 11:59 p.m., New York City Time, on March 31, 2026.

Broadridge Corporate Issuer Solutions, LLC, acting as joint depositary and paying agent for the tender offer, have advised that, as of the expiration of the tender offer, approximately 53,738,558 shares of Great Lakes common stock were validly tendered and not validly withdrawn pursuant to the tender offer, representing approximately 79.88% of the issued and outstanding shares of Great Lakes common stock.

As a result of the completion of the transaction, prior to the opening of trading on the NASDAQ on April 1, 2026, all shares of Great Lakes common stock will cease trading, and all shares of Great Lakes common stock will subsequently be delisted from NASDAQ and deregistered under the Securities Exchange Act of 1934, as amended.

Additional details regarding the previously announced debt tender offer will be provided in a subsequent press release. Great Lakes will share further information regarding the status of the debt tender offer at that time.

About Saltchuk Resources, Inc.
Saltchuk is a privately owned enterprise that has built a reputation over 40 years of being a multi-generational home for great companies. Headquartered in Seattle, additional information is available at www.saltchuk.com.

About Great Lakes Dredge & Dock
Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States, which is complemented with a long history of performing significant international projects. In addition, Great Lakes is fully engaged in expanding its core business into the offshore energy industry. Great Lakes employs experienced civil, ocean and mechanical engineering staff in its estimating, production, and project management functions. In its over 136-year history, Great Lakes has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experience-based performance as they advance through Great Lakes operations. Great Lakes’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Great Lakes’s culture. Great Lakes’s commitment to the IIF^® culture promotes a work environment where employee safety is paramount.

Contact

Eric Birge
Vice President of Investor Relations,
313-220-3053

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Saltchuk announce about acquiring Great Lakes Dredge & Dock (GLDD) on April 1, 2026?

Saltchuk completed a cash acquisition of Great Lakes at $17.00 per share. According to Saltchuk, the transaction closed April 1, 2026, making Great Lakes a wholly owned, stand-alone subsidiary with an enterprise value of about $1.5 billion.

How many Great Lakes (GLDD) shares were tendered in the Saltchuk offer and what percentage does that represent?

Approximately 53,738,558 shares were validly tendered, representing 79.88% of outstanding stock. According to Saltchuk, these tendered shares met the offer threshold before March 31, 2026, enabling closing and subsequent delisting plans.

Will GLDD shares continue trading on NASDAQ after the Saltchuk acquisition on April 1, 2026?

No, all Great Lakes common stock will cease trading and be delisted and deregistered. According to Saltchuk, delisting and deregistration occur prior to the NASDAQ opening on April 1, 2026, removing public market liquidity for GLDD shares.

What strategic impact does acquiring Great Lakes (GLDD) have for Saltchuk's business mix?

The acquisition adds dredging services to Saltchuk’s portfolio and diversifies operations. According to Saltchuk, Great Lakes complements over 30 existing U.S. freight, marine, and energy distribution businesses and expands service capabilities and market reach.

Are there outstanding items investors should watch after Saltchuk's GLDD acquisition on April 1, 2026?

Yes. Details of a previously announced debt tender offer remain outstanding and will be disclosed later. According to Saltchuk, additional information on the debt tender offer will be provided in a subsequent press release.