Form 4: GLDD Goes Private: SVP Eleni Beyko Reports Merger Payout

Great Lakes Dredge & Dock Corporation has completed its merger with Saltchuk Resources, Inc., converting all outstanding shares into $17.00 cash per share.

Summary

• Great Lakes Dredge & Dock Corporation (GLDD) merged with Huron MergeCo, Inc., a subsidiary of Saltchuk Resources, Inc., on April 1, 2026.
• GLDD is now a wholly-owned subsidiary of Saltchuk Resources, Inc.
• Each outstanding share of GLDD common stock was cancelled and converted into the right to receive $17.00 in cash.
• Eleni Beyko, SVP Offshore Energy, reported changes in her beneficial ownership due to the merger.
• Her performance-based restricted stock units fully vested, with 25,505 shares deemed earned and acquired.
• She disposed of 151,312 shares of common stock, which included 77,128 restricted stock units (RSUs).
• 61,359 outstanding RSUs were canceled and converted into cash based on the $17.00 merger consideration.
• 15,769 RSUs were replaced by a cash-based award of equivalent value, subject to the same time-based vesting conditions as prior to the merger.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive event for GLDD shareholders who received a cash premium for their shares, though it marks the end of GLDD as a public entity.

Positives

• Shareholders received a cash payout of $17.00 per share for their common stock.
• Performance-based restricted stock units held by the reporting person fully vested upon the merger.

Negatives

• Great Lakes Dredge & Dock Corporation ceased to be an independent publicly traded company.

Future Outlook

Great Lakes Dredge & Dock Corporation is now a wholly-owned subsidiary of Saltchuk Resources, Inc., and will no longer operate as an independent publicly traded entity.

Industry Context

StockSavvy.ai notes that this acquisition by Saltchuk Resources, a diversified transportation and logistics company, represents a consolidation within the maritime and infrastructure services sector, potentially enhancing Saltchuk's capabilities in dredging and offshore energy projects.

Comparison to Industry Standards

• Not applicable, as this Form 4 reports a completed merger transaction and does not provide operational or financial results for comparison against industry benchmarks or specific comparable companies.

Stakeholder Impact

• Shareholders: Received $17.00 cash per share, converting their equity into a liquid asset.
• Employees: The filing does not detail the impact on employees beyond the reporting person's equity conversion.
• Company (GLDD): Ceased to be an independent public entity, becoming a wholly-owned subsidiary of Saltchuk Resources, Inc.

Next Steps

• For former GLDD shareholders, the next step is the receipt of the $17.00 per share cash merger consideration.
• For Great Lakes Dredge & Dock Corporation, it will operate as a private subsidiary of Saltchuk Resources, Inc.

Key Dates

Keywords

Great Lakes Dredge & Dock, GLDD, Merger, Acquisition, Saltchuk Resources, Form 4, Beneficial Ownership, Restricted Stock Units, Dredging, Offshore Energy