Madison Dearborn Cashing Out of GLDD

Great Lakes Dredge & Dock Corp. (Nasdaq: GLLD) has filed for a secondary public offering of around 18.69 million common shares. It would include the 14.26 million shares held by Madison Dearborn Capital Partners, which represents a 24.4% ownership position. GLDD stock closed trading yesterday at $7.20 per share, which would value the Madison Dearborn holdings at approximately $103 million.