Canada's WSP Global to acquire UK's Ricardo for $490 million
Under the deal, Ricardo shareholders will receive 430 pence in cash per share, a 28.4% premium to its closing price on June 10.
The British company had been under pressure from rival and investor Science Group (SAGS.L), opens new tab, who had been pushing for a sale or breakup of Ricardo amid calls to oust Chairman Mark Clare and other directors, citing underperformance and structural inefficiencies.
Science Group, Ricardo's second-largest investor with a 21.76% stake according to LSEG data, said on Wednesday it would sell a 20% stake to WSP for about 53.5 million pounds.
($1 = 0.7417 pounds)
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