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Sat September 21 2019

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WSP to buy US environmental firm

29 Aug WSP has agreed a US$65m (£53m) deal to buy US consultant Ecology & Environment (E&E).

Under the terms of the agreement, E&E’s shareholders will receive US$15.00 in cash, and a special dividend of up to US$0.50, for each share of Class A and Class B common stock they own. The price represents a premium of 52.9% over E&E’s closing share price on 27 August.

The merger agreement and the transaction have been unanimously approved by E&E’s board of directors. However, the agreement provides for a ‘go-shop’ period of 30 days, during which E&E will contact and potentially enter into negotiations with third parties that offer potentially superior proposals to the proposed transaction with WSP. 

“The Board is pleased to have approved a transaction that delivers significant value to E & E’s shareholders and also allows our outstanding professionals to be part of WSP, a leading global firm which is dedicated to serving our clients in solving their environmental needs,” said E&E’s executive chairman Marshall Heinberg. “The cultural fit and vision of the two organizations combined with achieving more than a 52% premium for our shareholders achieves the Board’s objective of providing value and opportunities for all of our constituents.”

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