This morning, Great Lakes Dredge & Dock announced that it has entered into a definitive agreement to be acquired by privately held Saltchuk Resources, Inc., for $17.00 per share, setting an enterprise value of $1.5 billion. The offer price is a 5% premium to the (all-time high) closing share price of $16.14 on February 10, 2026, and a 25% premium to GLDD's 90-day volume weighted average price average price as of February 10, 2026. The purchase price equates to an enterprise value of 9.2x GLDD's trailing 12-month (TTM) EBITDA of $168 million, and 14.4x GLDD's TTM EPS of $1.18. The Board of Directors of both Saltchuk and Great Lakes have unanimously approved the transaction, with the deal expected to close in 2Q:26, subject to customer closing conditions. Saltchuk is a family of diversified freight transportation, marine service, and energy distribution companies, with annual revenue of $5.6 billion and 8,800 employees, compared to GLDD's TTM sales of $835 million and 366 full-time salaried employees and 637 hourly personnel. We raise our price target to $17 (from $16) to match the announced acquisition offering price. Our new $17 price target equates to about 16.5x our 2026 EPS estimate of $1.03. Our prior $16 price target was based on 16x our 2026 EPS estimate of $1.03.