Ricardo's GBP281 million takeover by WSP approved in court

(Alliance News) - Ricardo PLC on Tuesday said its GBP281 million all-cash buyout from Canadian consultancy firm WSP Global Inc has been approved in court.

Montreal, Quebec-based WSP will pay 430 pence per share for the Shoreham-by-Sea, West Sussex-based environmental and engineering consultancy.

The offer was at a 28% premium to Ricardo's 335p closing price before the offer it was made. The stock was up 0.2% to 429.00p on Tuesday afternoon in London.

The takeover was sanctioned in court on Tuesday. It is expected to become effective on Thursday, with the last day of dealings in shares on Wednesday.

By Michael Hennessey, Alliance News reporter

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