GLDD director tenders shares in $17 cash merger
Great Lakes Dredge & Dock director Ronald Steger reported routine transactions tied to the closing of a cash merger.
Rhea-AI Filing Summary
Great Lakes Dredge & Dock director Ronald Steger reported routine transactions tied to the closing of a cash merger. In connection with the merger of Great Lakes Dredge & Dock Corporation into a wholly owned subsidiary of Saltchuk Resources, each share of common stock was converted into the right to receive $17.00 in cash. Steger’s 20,404 shares of common stock were disposed of pursuant to a tender offer, and 45,068 Deferred Stock Units (DSUs) were canceled and converted into a cash payment equal to the number of underlying shares multiplied by the $17.00 merger consideration. The filing also notes a grant of 1,625 DSUs on March 31, 2026 under the company’s Director Deferral Plan, which were included in the DSUs canceled at the merger effective time. Following these transactions, the Form 4 shows no remaining common stock or DSU holdings for Steger.
Positive
- None.
Negative
- None.
Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
Steger Ronald
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Deferred Stock Units | 45,068 | $0.00 | $0.00 |
| Tender Offer | Common Stock | 20,404 | $0.00 | $0.00 |
| Grant/Award | Deferred Stock Units | 1,625 | $0.00 | $0.00 |
Holdings After Transaction:
Deferred Stock Units — 45,068 contracts (Direct);
Common Stock — 0 shares (Direct)
Footnotes (3)
- F1. Pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated February 10, 2026, by and among Saltchuk Resources, Inc. ("Parent"), Huron MergeCo, Inc. ("Merger Sub"), and Great Lakes Dredge & Dock Corporation ("Issuer") on April 1, 2026 (the "Effective Time"), Merger Sub merged with and into Issuer, with Issuer surviving as a wholly owned subsidiary of Parent upon consummation of the transactions contemplated by the Merger Agreement. At the Effective Time, each outstanding share of common stock of the Issuer ("Common Stock") was cancelled and converted into the right to receive $17.00 in cash (the "Merger Consideration"), without interest and subject to any required tax withholdings.
- F2. Deferred Stock Units ("DSUs") granted March 31, 2026 and deferred pursuant to the Issuer's Director Deferral Plan.
- F3. Includes 45,068 DSUs. At the Effective Time, each outstanding award of DSUs was canceled and converted into the right to receive an amount in cash equal to the product of the aggregate number of shares of Common Stock underlying such DSU immediately prior to the Effective Time, multiplied by the Merger Consideration.
Key Figures
Merger consideration per share: $17.00 per share
Common shares tendered: 20,404 shares
Deferred Stock Units canceled: 45,068 DSUs
+1 more
4 metrics
Merger consideration per share
$17.00 per share
Cash paid for each GLDD common share at merger effective time
Common shares tendered
20,404 shares
GLDD common stock disposed of by Ronald Steger in tender offer
Deferred Stock Units canceled
45,068 DSUs
Steger’s DSUs converted into cash based on $17.00 merger price
New DSU grant
1,625 DSUs
Granted March 31, 2026 under Director Deferral Plan
Key Terms
Agreement and Plan of Merger, Merger Consideration, Deferred Stock Units, Director Deferral Plan, +1 more
5 terms
Agreement and Plan of Merger regulatory
"Pursuant to the Agreement and Plan of Merger (the "Merger Agreement"), dated February 10, 2026..."
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
Merger Consideration financial
"...was cancelled and converted into the right to receive $17.00 in cash (the "Merger Consideration"), without interest..."
Merger consideration is the total payment a company or buyer offers to shareholders of a target company in exchange for combining the two businesses, and can include cash, shares in the surviving company, debt assumption, or a mix of these. Investors care because the form and amount affect the deal’s value, tax consequences, immediate cash received versus future ownership, and the risk and upside of holding new shares — similar to choosing between cash now or stock that could grow later.
Deferred Stock Units financial
"Deferred Stock Units ("DSUs") granted March 31, 2026 and deferred pursuant to the Issuer's Director Deferral Plan."
Deferred stock units are promises from a company to give an employee shares of stock at a future date, often after certain conditions are met or after leaving the company. They function like a form of delayed compensation, allowing employees to earn shares over time. For investors, they represent potential future ownership in the company, but do not provide immediate voting rights or dividends until the shares are actually received.
Director Deferral Plan financial
"Deferred Stock Units ("DSUs") granted March 31, 2026 and deferred pursuant to the Issuer's Director Deferral Plan."
A director deferral plan lets board members delay receiving part or all of their pay—typically fees or equity—until a later date, with the deferred amount converted to cash or units that are paid out on a set future date or event. For investors, it signals how a company manages present cash flow and aligns directors’ interests with long-term performance, while creating future payment obligations or possible share dilution when those deferred amounts are settled—like choosing to take a future pension or stock grant instead of a paycheck today.
tender offer regulatory
"transaction_action": "tender-offer disposition", "transaction_code_description": "Disposition pursuant to a tender offer""
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did GLDD director Ronald Steger report in this Form 4?
Ronald Steger reported disposing of 20,404 shares of Great Lakes Dredge & Dock (GLDD) common stock in a tender offer and canceling 45,068 Deferred Stock Units. All were converted into cash at the merger closing, reflecting completion of his equity position under the merger terms.
What happened to Ronald Steger’s Deferred Stock Units in the GLDD merger?
Ronald Steger held 45,068 Deferred Stock Units in Great Lakes Dredge & Dock (GLDD), including 1,625 granted March 31, 2026. At the merger effective time, all these DSUs were canceled and converted into a cash payment equal to shares underlying the DSUs multiplied by the $17.00 merger consideration.
Did Ronald Steger retain any GLDD equity after these Form 4 transactions?
According to the Form 4, Ronald Steger’s holdings in Great Lakes Dredge & Dock (GLDD) common stock and Deferred Stock Units dropped to zero after the merger-related dispositions. His shares and DSUs were fully converted into cash based on the $17.00 per share merger consideration.
What new equity award did Ronald Steger receive before the GLDD merger closed?
On March 31, 2026, Ronald Steger received a grant of 1,625 Deferred Stock Units from Great Lakes Dredge & Dock (GLDD) under the Director Deferral Plan. These DSUs were then included in the total 45,068 DSUs canceled and paid out in cash at the merger effective time.
AI-generated analysis. How Rhea-AI works. Not financial advice.
