Saltchuk Resources and Great Lakes Dredge and Dock announced that a subsidiary of the former, Huron MergeCo, commenced a tender offer on March 4 for all outstanding common stock of the Houston-based dredging firm.
The offer is priced at $17 per share in cash. This move follows a merger agreement established between the entities on February 10, which was subsequently disclosed to the public on February 11.
The board of directors of Great Lakes Dredge and Dock unanimously determined that the agreement is in the best interests of its stockholders and recommends that they tender their shares.
The tender offer is scheduled to expire at one minute after 23:59 New York City time on March 31, unless the period is extended or terminated early.
The obligation of the Saltchuk subsidiary to accept and pay for the shares is contingent upon a minimum tender condition and other customary closing requirements.
Upon the successful completion of the offer, the subsidiary will merge into Great Lakes Dredge and Dock, with the latter continuing as the surviving entity.
Following the merger, all remaining outstanding shares will be cancelled and converted into the right to receive the $17 offer price. Great Lakes Dredge and Dock will then cease to be a publicly traded company as it becomes a wholly-owned subsidiary of Saltchuk.
