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UPDATE 1-Canada's WSP Global to acquire UK's Ricardo for $490 million
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June 11 (Reuters) - Canada-based WSP Global WSP.TO said on Wednesday that it would acquire British environmental and engineering consulting firm Ricardo RCDO.L for about 363.1 million pounds ($489.6 million) including debt.
Under the deal, Ricardo shareholders will receive 430 pence in cash per share, a 28.4% premium to its closing price on June 10.
The British company had been under pressure from rival and investor Science Group SAGS.L, who had been pushing for a sale or breakup of Ricardo amid calls to oust Chairman Mark Clare and other directors, citing underperformance and structural inefficiencies.
Science Group, Ricardo's second-largest investor with a 21.76% stake according to LSEG data, said on Wednesday it would sell a 20% stake to WSP for about 53.5 million pounds.
($1 = 0.7417 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Tasim Zahid)
((Yamini.Kalia@thomsonreuters.com;))
