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

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.

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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".