Arcadis NV (ARCAY), a Dutch consulting and engineering company serving environmental, infrastructure, construction and communications projects, is reviewing a second unsolicited takeover proposal from WSP Global Inc. (WSPOF), a Canadian engineering company pursuing growth through acquisitions. WSP has offered 51.50 per Arcadis share in a combination of cash and WSP stock, valuing the Amsterdam-based company at approximately 4.7 billion, or $5.4 billion. Arcadis previously rejected a 48.50-per-share proposal, which also included a significant stock component, after determining that the offer did not adequately reflect its intrinsic value, strategic position and future prospects. The company has not yet reached a decision on the revised bid and continues to express strong confidence in its existing strategy and medium-term outlook.
The revised proposal represents a roughly 30% premium to Arcadis' July 23 closing price of 39.40, sending its shares up as much as 12% before they gave back more than half of the increase. WSP shares rose as much as 2.7% in Toronto after falling 8.3% on Thursday following reports of the company's takeover interest. Arcadis reported 3.8 billion in net revenue in 2025 and employs approximately 34,000 people across more than 30 countries. These figures may help explain why WSP views the company as an attractive platform for expanding its geographic reach and strengthening its position in engineering and consulting markets.
WSP said a combination of the two companies could accelerate technological innovation, including artificial intelligence, while creating a broader international footprint as consolidation across the industry continues. However, Arcadis' boards have not accepted WSP's repeated invitations to discuss the proposals, suggesting that a completed transaction remains uncertain. Lovinklaan, an employee-managed foundation and Arcadis' largest shareholder, owns an 18% stake, and WSP has said it would welcome the foundation as an important reference shareholder. Investors may also compare the proposed Arcadis acquisition with WSP's December agreement to acquire US engineering firm TRC Companies Inc. from Warburg Pincus LLC for $3.3 billion in cash, which supports management's stated interest in continuing to pursue sizeable acquisitions.