On 20th May 2019, it was announced that the boards of Tetra Tech UK Holdings Limited (“Tetra Tech”) and WYG reached agreement on the terms of a recommended all cash offer to be made by Tetra Tech (a wholly-owned subsidiary of Tetra Tech, Inc.) for the entire issued and to be issued ordinary share capital of WYG (the “Acquisition”). Under the terms of the Acquisition, each WYG Shareholder will be entitled to receive 55p in cash per WYG Share. The Acquisition values the ordinary share capital of WYG at approximately £43.4 million, on the basis of a fully diluted share capital of 78,941,048 WYG Shares.
As at the date of the announcement, Tetra Tech had received irrevocable undertakings and letters of intent in respect of approximately 72.5% of WYG Shares in issue.
The price of 55p in cash per WYG Share represented a premium of approximately 244% to the Closing Price of 16p per share on the Last Practicable Date and 150% to the VWAP per share during the previous six months.
The Acquisition is currently expected to become Effective in July 2019.
N+1 Singer acted as Financial Adviser under Rule 3 of the Code and Broker to WYG.
About Tetra Tech
Tetra Tech, Inc. is a premier global consulting and engineering firm which provides high-end consulting and engineering services for projects worldwide. With more than 18,000 associates working together, Tetra Tech, Inc. provides clear solutions to complex problems in water, environment, infrastructure, resource management, energy, and international development. Tetra Tech, Inc. is Leading with Science® to provide sustainable and resilient solutions for its clients.
WYG is an award-winning professional services firm delivering engineering, design, project management, town planning and environmental solutions for clients across a broad range of sectors operating from more than 30 locations across the UK, Europe, Africa and Asia. WYG is driven by client service and underpinned by technical excellence. WYG helps clients create value, protect value and manage risk, and is a partner of choice for organisations operating in complex or challenging environments.
For more information on this news, please email us or call +44 (0)20 7496 3000.