Arcadis Rejects Improved WSP Takeover Approach as Battle for Engineering Giant Intensifies

Dutch consultancy says revised €51.50-a-share proposal still falls short of the company's long-term value as WSP makes a second attempt to secure one of the industry's biggest acquisition targets.

Arcadis has rebuffed a second takeover approach from Canadian engineering giant WSP Global, insisting the improved proposal still fails to reflect the company's long-term growth potential.

The revised approach values Arcadis at €51.50 per share, with shareholders offered a combination of cash and WSP stock. It follows an earlier €48.50-per-share proposal that was unanimously rejected by Arcadis' Executive Board and Supervisory Board only days earlier.

The latest proposal remains unsolicited, conditional and non-binding, with Arcadis confirming it is reviewing the revised offer alongside its financial and legal advisers in line with its obligations to shareholders and other stakeholders.

Confidence in Standalone Strategy

Despite considering the revised proposal, Arcadis has made clear that its leadership remains firmly committed to the company's independent strategy.

In a statement, the business said its boards continue to believe Arcadis is well positioned to generate significantly greater value through the continued delivery of its long-term growth plans than is reflected in WSP's latest proposal.

The consultancy pointed to its first-quarter 2026 results, highlighting continued operational progress and strong execution against its strategic objectives.

Growth Momentum Continues

Arcadis said recent trading had reinforced confidence in its medium-term outlook, with ongoing initiatives focused on:

• Accelerating organic growth.

• Improving operating margins.

• Strengthening cash generation.

• Delivering enhanced long-term shareholder returns.

The company believes these measures provide a clear route to creating value that substantially exceeds the level implied by WSP's current offer.

High-Stakes Industry Move

Should WSP ultimately succeed, the transaction would represent one of the most significant acquisitions the global engineering and consultancy sector has seen in recent years, bringing together two of the industry's largest multidisciplinary firms with extensive operations across infrastructure, transportation, water, environment and the built environment.

For now, however, Arcadis remains unconvinced.

While discussions have not been formally ruled out, the company's leadership has signalled that any proposal would need to recognise both Arcadis' recent performance and its confidence in delivering greater long-term value as an independent business.

The renewed approach underlines the continuing appetite for consolidation across the international engineering consultancy market, where scale, digital capability and global reach are increasingly viewed as critical competitive advantages.