Shard's WSP is snapped up by Canadian rival for £278m
WSP, the engineering consultancy that did the structural design on London's Shard tower, has agreed to be snapped up by Genivar, a smaller Canadian counterpart for C$442m (£278m) in cash.
The 435p-a-share offer for the tall buildings specialist, which has also worked on the Petronas Twin Towers in Kuala Lumpur, represents a 67 per cent premium to WSP's closing share price of 260p on Thursday night. Shares in the company soared by 175p, or 67 per cent, to 435p yesterday, signalling confidence the deal would go through.
WSP, whose projects include structural engineering work on the Freedom Tower project in New York and was involved in revamping Birmingham's Bullring shopping centre, has worked on some of the world's most high-profile building projects.
But it is thought to have come under pressure to sell after a profits warning last June.
That's some guestlist! Stunning images show huge dynastic wedding between Ultra-Orthodox Jewish families which attracted 25,000 guests
'He was always smiling': Lee Rigby named as Woolwich victim
'Sickening, deluded and unforgivable': Horrific attack brings terror to London’s streets
Exclusive: Woolwich suspect Michael Adebolajo was inspired by cleric banned from UK after urging followers to behead enemies of Islam
Seeing the larger picture: Inspiring images of space
- 1 Pope Francis: Being an atheist is alright as long as you do good
- 2 'He was always smiling': Lee Rigby named as Woolwich victim
- 3 'Sickening, deluded and unforgivable': Horrific attack brings terror to London’s streets
- 4 'Something passed underneath us, quite close': Airbus A320 has close encounter with UFO
- 5 Lord of the Sings: Sir Christopher Lee, 91, to release heavy metal album
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Nook is donating eReaders to volunteers at high-need schools and participating in exclusive events throughout the campaign.
Get the latest on The Evening Standard's campaign to get London's children reading.
Win anything from gadgets to five-star holidays on our competitions and offers page.