METS

Layne now part of Granite base

Granite Construction (NYSE: GVA) has wrapped up its US$376 million (ex-debt) acquisition of Texas-based drilling contractor Layne Christensen, overcoming Layne shareholder objections to add Layne’s water, infrastructure and mineral drilling businesses to its $2.9 billion construction and building materials base.

Staff reporter
Granite Construction has concluded its acquisition of Layne Christensen

Granite Construction has concluded its acquisition of Layne Christensen

The deal, announced in February, was resisted by big Layne shareholders Cetus Capital and Nokomis Capital but ultimately won approval by holders of more than 90% of the stock.

All Layne shares have been exchanged for 0.27 Granite shares.

Outgoing Layne president and CEO Michael Caliel said the "compelling premium" offered by California-based Granite recognised the driller's turnaround of recent years. Shareholders now had an opportunity "to meaningfully participate in the growth of a combined entity with differentiated scale and resources".

 

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.