Form 4: GLDD SVP Hanson Reports Merger-Related Stock Changes

Great Lakes Dredge & Dock SVP William H. Hanson reported the conversion of his equity holdings into cash following the company's acquisition by Saltchuk Resources at $17.00 per share.

Summary

• William H. Hanson, SVP, Market Development of Great Lakes Dredge & Dock Corporation (GLDD), reported changes in his beneficial ownership.
• The transactions occurred on April 1, 2026, coinciding with the effective time of the merger.
• Great Lakes Dredge & Dock Corporation merged with Huron MergeCo, Inc., a subsidiary of Saltchuk Resources, Inc., resulting in GLDD becoming a wholly owned subsidiary of Saltchuk Resources, Inc.
• Each outstanding share of GLDD common stock was converted into the right to receive $17.00 in cash.
• 13,631 performance-based restricted stock units fully vested and were deemed earned for Mr. Hanson.
• Mr. Hanson's 90,852.743 shares of common stock were disposed of (converted to cash) as part of the merger.
• Of Mr. Hanson's 33,233 restricted stock units (RSUs), 24,785 were canceled and converted into cash, and 8,448 were replaced by a cash-based award of equivalent value, subject to original vesting conditions.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive outcome for GLDD shareholders, who received a cash premium for their shares, and for the reporting person whose equity awards vested or converted as part of the acquisition.

Positives

• Performance-based restricted stock units fully vested for the reporting person due to the merger agreement.
• Shareholders of Great Lakes Dredge & Dock Corporation received a cash consideration of $17.00 per share for their common stock, providing a clear liquidity event.

Negatives

• Great Lakes Dredge & Dock Corporation ceased to be an independent publicly traded entity, becoming a wholly owned subsidiary of Saltchuk Resources, Inc.

Future Outlook

The filing indicates that Great Lakes Dredge & Dock Corporation is now a wholly-owned subsidiary of Saltchuk Resources, Inc., implying its future operations will be integrated into the parent company's structure. No specific forward-looking statements regarding GLDD's future performance are provided.

Industry Context

StockSavvy.ai notes that the acquisition of Great Lakes Dredge & Dock by Saltchuk Resources, Inc. signifies consolidation within the maritime and infrastructure services sector. This move could allow Saltchuk to expand its dredging capabilities and market reach, leveraging GLDD's established expertise and assets.

Comparison to Industry Standards

• The $17.00 per share cash consideration for GLDD common stock represents a specific valuation for a leader in the dredging industry, which can be benchmarked against historical M&A premiums in the marine construction sector.
• While direct public comparisons for private acquisitions like those of Weeks Marine or Manson Construction Co. are not readily available, the valuation would typically be assessed against GLDD's historical trading multiples (e.g., P/E, EV/EBITDA) and those of publicly traded peers in related infrastructure or maritime services sectors, considering the typical premium paid in such acquisitions.

Stakeholder Impact

• Shareholders: Received $17.00 cash per share, providing a definitive liquidity event and a premium for their investment.
• Employees: GLDD continues as a subsidiary, but potential organizational changes or integration efforts under new ownership may occur.
• Customers/Suppliers: Operations are expected to continue, potentially benefiting from Saltchuk's broader resources and strategic direction.

Next Steps

• Integration of Great Lakes Dredge & Dock Corporation into Saltchuk Resources, Inc. as a wholly owned subsidiary.
• Continued operations of GLDD under new ownership.

Key Dates

Keywords

Great Lakes Dredge & Dock, GLDD, Saltchuk Resources, Merger, Acquisition, Form 4, Insider Transaction, Equity Conversion, Restricted Stock Units, Cash Consideration, Dredging Industry