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Professional services firm RPS Group PLC on Monday backed a £636 million takeover offer from Tetra Tech Inc and withdrew its recommendation for a bid by Toronto-listed consultancy firm WSP Global Inc.
Nasdaq-listed consultancy and engineering services firm Tetra Tech will pay 222 pence in cash for each RPS share, a 7.8% premium to the 206p offered by WSP. The WSP deal valued RPS at £591.1 million, which RPS backed in August.
‘In light of the superior proposal per RPS share from Tetra Tech as compared to the WSP offer, the RPS directors, who have been so advised by Gleacher Shacklock LLP and AEC Advisors LLC as to the financial terms of the acquisition, consider the terms of the acquisition to be fair and reasonable,’ RPS said.
WSP urged RPS shareholders to take no action and added that it will make a further announcement in due course.
RPS works in fields including health and safety, exploration and development, planning and approvals and communications.
RPS shares were 12% higher at 231.11 pence each in London on Monday morning.
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