Form 4: GLDD Director Reports Stock Conversion Post-Merger

A director of Great Lakes Dredge & Dock Corporation reported the conversion of common stock and deferred stock units into cash following the company's acquisition by Saltchuk Resources, Inc. at $17.00 per share.

Summary

• Director Lawrence R. Dickerson reported changes in beneficial ownership of Great Lakes Dredge & Dock Corporation (GLDD) securities.
• The changes are a direct result of the merger between GLDD and Huron MergeCo, Inc., a subsidiary of Saltchuk Resources, Inc., effective April 1, 2026.
• At the effective time of the merger, each outstanding share of GLDD common stock was cancelled and converted into the right to receive $17.00 in cash.
• Mr. Dickerson disposed of 86,217 shares of common stock on April 1, 2026, resulting in zero beneficial ownership of common stock.
• He also acquired 2,938 Deferred Stock Units (DSUs) on March 31, 2026, which were then converted to cash at the merger effective time.
• A total of 76,962 DSUs (including the newly acquired ones) were cancelled and converted into cash, calculated as the number of underlying shares multiplied by the $17.00 merger consideration.
• Following these transactions, Mr. Dickerson holds 0 shares of common stock and 0 DSUs.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive event for shareholders who received a cash payout, but neutral for future investment opportunities in GLDD as a public entity.

Positives

• The merger provided a clear cash exit for shareholders at $17.00 per share.
• Deferred Stock Units were also converted to cash at the merger consideration price, providing liquidity to DSU holders.

Negatives

• GLDD common stock is no longer publicly traded, as it became a wholly-owned subsidiary, removing investment opportunities in the standalone entity.
• Shareholders no longer participate in potential future growth of GLDD as an independent public company.

Future Outlook

This Form 4 does not contain forward-looking statements about the company's future operations, as it reports a past transaction related to a merger completion. Great Lakes Dredge & Dock Corporation is now a private subsidiary.

Industry Context

StockSavvy.ai notes that mergers and acquisitions are common in the dredging and maritime services industry, often driven by consolidation efforts to achieve economies of scale or expand market reach. This particular acquisition by Saltchuk Resources, Inc., a diversified transportation and energy company, suggests a strategic move to integrate GLDD's capabilities into its broader portfolio.

Comparison to Industry Standards

• The $17.00 per share merger consideration would need to be compared to GLDD's historical trading prices and valuation multiples (e.g., P/E, EV/EBITDA) relative to industry peers like Weeks Marine, Inc. (private), or other publicly traded infrastructure/construction companies at the time of the merger agreement.
• Without specific financial data for GLDD or its peers at the time of the merger agreement, a detailed comparison of the $17.00 offer price against industry benchmarks is not possible from this filing alone.

Stakeholder Impact

• Shareholders: Received $17.00 cash per share, ending their investment in GLDD as a public company.
• Employees: GLDD continues as a wholly-owned subsidiary, implying continuity of operations, but potential long-term integration impacts are not detailed.
• Customers/Suppliers: Operations continue under new ownership, potential for changes in strategy or relationships over time.

Key Dates

Keywords

Great Lakes Dredge & Dock, GLDD, Merger, Acquisition, Form 4, Insider Trading, Stock Conversion, Deferred Stock Units, Saltchuk Resources