The Boards of Directors of both companies have unanimously approved the deal. Granite will acquire all of the outstanding shares of Layne in a stock-for-stock transaction. Layne shareholders will get a fixed exchange ratio of 0.270 Granite shares for each share of Layne common stock they own, which represents US$17 per Layne share or a premium of 33%. The deal is is expected to be finalised in the second quarter of 2018