“After extensive review, we have determined that this transaction is in the best interests of Great Lakes’ shareholders as it delivers immediate and certain value at a premium to the company’s all-time high valuation,” explained Lawrence R. Dickerson, Chairman of the Great Lakes board of directors.
Following the successful completion of the tender offer, Saltchuk will acquire any remaining shares through a second-step merger.
Great Lakes indicated it will operate as a “standalone business” within Saltchuk once the transaction is completed.
The deal is not subject to a financing condition and is supported by fully committed financing from several banks. Upon the finalisation of the merger, the common stock of the company will no longer be listed on the Nasdaq.
