Great Lakes Dredge & Dock Corp (GLDD) News & EventsGLDDGreat Lakes Dredge & Dock Corp

Saltchuk Resources Commences Cash Tender Offer for 5.25% Senior Notes

Saltchuk Resources and Great Lakes Dredge & Dock Corporation announced that the Offeror has commenced a cash tender offer for any and all of the Company's 5.25% Senior Notes due 2029. In conjunction with the Tender Offer, the Offeror is soliciting consents from holders of the Notes to amend certain provisions of the indenture, dated as of May 25, 2021, between Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee, the Company and the subsidiary guarantors party thereto, under which the Notes were issued. In order for the Proposed Amendments to be approved with respect to the Notes, Holders of a majority in principal amount of the outstanding Notes must consent to the Proposed Amendments. If the Requisite Consents with respect to the Notes are received, the Proposed Amendments would, among other things, eliminate substantially all of the restrictive covenants, eliminate certain events of default and modify certain redemption notice requirements with respect to the Notes.

CJS Securities Downgrades Great Lakes Dredge to Market Perform

CJS Securities analyst Jonathan Tanwanteng downgraded Great Lakes Dredge to Market Perform from Outperform after the company announced a definitive agreement to be acquired by Saltchuk Resources for $17 per share in cash.

Saltchuk Offers $17.00 Per Share to Acquire GLDD

Saltchuk Resources and Great Lakes Dredge & Dock Corporation announced that on March 4, Saltchuk's wholly-owned subsidiary, Huron MergeCo., commenced its tender offer for all issued and outstanding shares of common stock of GLDD at a price of $17.00 per Share in cash, subject to any required tax withholdings and without interest. The Offer is being made pursuant to the Agreement and Plan of Merger, dated as of February 10, by and among Saltchuk, Purchaser, and GLDD, which Saltchuk and GLDD announced on February 11. The GLDD Board of Directors has unanimously determined that the Merger Agreement and the Offer are in the best interests of GLDD's stockholders. The GLDD Board of Directors also recommends that the stockholders of GLDD tender their shares to Purchaser pursuant to the Offer. The Offer will expire at one minute after 11:59 p.m. New York City time on March 31, unless extended or earlier terminated. Instructions to tender Shares are being communicated to stockholders through MacKenzie Partners, Inc., the information agent for the Offer, or the institution or brokerage that holds Shares on the stockholder's behalf.