Granite Construction (GVA) Tops Q4 EPS by 16c, Beats on Revenues; Offers FY18 Revenue Growth Outlook

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Go back to Granite Construction (GVA) Tops Q4 EPS by 16c, Beats on Revenues; Offers FY18 Revenue Growth Outlook

Granite Construction (GVA) to Acquire Layne Christensen (LAYN) for $565M in Stock

February 14, 2018 7:02 AM EST

Granite Construction Incorporated (NYSE: GVA) and Layne Christensen Company (NASDAQ: LAYN) announced today that they have entered into a definitive agreement whereby Granite will acquire all of the outstanding shares of Layne in a stock-for-stock transaction valued at $565 million, including the assumption of net debt. The transaction, which was unanimously approved by the Boards of Directors of both companies, is expected to close in the second quarter of 2018.

Under the terms of the agreement, Layne shareholders will receive a fixed exchange ratio of 0.270 Granite... More