Granite Construction is one of the largest diversified construction and construction materials companies in the United States.
In February 2022, Granite announced the sale of its trenchless business and an increase to its share buyback program.
While GVA had historically conducted share repurchases through open-market activity and 10b5-1 plans, it considered the adoption of an ASR program to signal its capital return commitment to shareholders.
Working closely with management, HudsonWest evaluated the merits and impacts of different repurchase strategies, as well as potential size, tenor and structural variations.
HudsonWest was able to help Granite quickly produce acceptable, yet company-friendly, ASR documentation ensuring the terms protected Granite at every point.
HudsonWest ran a competitive auction process to help GVA achieve efficient and fair pricing in its ASR.
Granite successfully executed on the ASR in May 2022, with approximately 3% of its outstanding shares retired at inception.
HudsonWest brings the same independence and depth to every engagement.