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WSP confirms submission of non-binding indicative expression of interest to Arcadis N.V. to acquire all issued and outstanding shares in the capital of Arcadis N.V. for an offer price of EUR 51.50 per share
WSP confirms submission of non-binding indicative expression of interest to Arcadis N.V. to acquire all issued and outstanding shares in the capital of
About this update from Arcadis Nv
MONTREAL - WSP Global Inc. (TSX: WSP) ('WSP') confirms, following the recent market speculation and the Arcadis press release on July 24th, that it has made an indicative proposal to the Executive Board and Supervisory Board of Arcadis N.V. ('Arcadis') setting out in detail its views on the rationale and benefits of combining Arcadis and WSP by way of a friendly, recommended public offer for the entire issued and outstanding ordinary share capital of Arcadis for a consideration of EUR 51.50 per ordinary Arcadis share. This proposal follows several interactions and discussions between Arcadis' and WSP's Chairmen and CEOs over the last six months. In addition, on July 1st, WSP submitted an initial non-binding indicative proposal to Arcadis to acquire all issued and outstanding shares for a consideration of EUR 48.50 per share. Such proposal was subsequently rejected by Arcadis on July 14th. A definitive agreement has not been entered into, and any potential transaction remains subject to an agreement on terms between WSP and Arcadis. There can be no assurance that a transaction will be concluded and that the conditions to which it may be subject would be met. WSP has noted Arcadis' observations in its press release of July 24th, and in its letter rejecting WSP's initial proposal on July 14th, that the initial proposal did not address concerns regarding strategic fit, cultural fit, deal certainty and other stakeholders' interests. WSP believes that the initial proposal addressed these matters, and other elements including, but not limited to, strategic rationale, governance, integration, non-financial covenants and the roles of the Lovinklaan Foundation and Katalys, in detail. WSP sought to clarify these concerns by seeking constructive engagement with Arcadis on these topics. To date, the Boards of Arcadis have not accepted WSP's multiple invitations to discuss the proposals and negotiate a friendly, recommended transaction. WSP re-iterates its invitation to the Boards of Arcadis to discuss its latest proposal and address any remaining concerns through constructive engagement. Further details of the proposal The indicative proposal envisages an offer consideration of EUR 51.50 (cum dividend) per ordinary Arcadis share, representing: Under the indicative proposal, Arcadis shareholders would have the ability to elect to receive their preference of cash or WSP...