Arcadis reviews higher WSP takeover offer

Arcadis has confirmed that it received a second unsolicited, conditional and non-binding takeover proposal from WSP Global, offering €51.50 per share. The consideration would be paid in a combination of cash and WSP stock. The approach targets the Dutch engineering and consultancy group, whose shares are listed in Amsterdam.

The company described the proposal as revised, following an earlier contact from the Canadian engineering firm. The boards of Arcadis have not yet indicated whether they consider the new price or structure acceptable, stressing that the proposal is still under review.

Before the latest proposal, Arcadis had received an unsolicited approach from WSP at €48.50 per share. The Executive Board and Supervisory Board unanimously rejected that offer. They stated that the earlier proposal fundamentally undervalued the company and did not adequately address strategic fit, cultural fit, deal certainty and the interests of other stakeholders.

The company has not disclosed any change in its assessment of those qualitative concerns under the new proposal. Instead, Arcadis has emphasised that its boards, together with financial and legal advisers, are carefully reviewing the revised €51.50 per-share offer.

Arcadis has said that it will provide a further update on the situation alongside its second-quarter and half-year 2026 results on 30 July 2026. Additional detail is expected at a Capital Markets Day scheduled for 29 September 2026. Until then, the company has not committed to a specific timetable for a decision on the proposal.

The group highlighted that the offer is conditional and non-binding, indicating that significant work would still be needed to reach any potential transaction. Reporting also notes that WSP has worked on and off over the past year on a possible bid, while WSP’s finance leadership has declined to comment on market speculation.

Arcadis’ shares reacted strongly to the takeover interest. After initial reporting on the approaches, the stock closed about 11.5% higher in one session and then rose a further roughly 9.5% to reach a multi-month high. Other reports cited intraday gains of around 7.6%, with the share price trading near €42.40 at one point.

Coverage has highlighted the role of Arcadis’ shareholder base in any potential deal. The largest shareholder is the employee foundation Stichting Lovinklaan, which is reported to hold roughly an 18–19% stake. This sizeable holding is seen as an important factor that could influence whether a transaction can be agreed.