Arcadis NV Confirmed Bid from WSP; Thoughts & Implications

Research evidence excerpt

Arcadis NV Confirmed Bid from WSP; Thoughts & Implications

Global Research

24 July 2026ab

First Read

EquitiesArcadis NV

Confirmed Bid from WSP; Thoughts & Netherlands

Implications Industrial, Diversified

12-month rating Neutral

12m price target €36.15

24 July: UBS Special Situations & Equity Research Call 3.30pm UK/10.30am

NY Time

Please register here. Price (24 Jul 2026) €40.54

RIC: ARDS.AS BBG: ARCAD NA

Arcadis confirms it has received second proposal from WSP

Trading data and key metrics

Post the Reuters article yesterday, Arcadis has disclosed that it has received a second

52-wk range €50.75-26.14

unsolicited, conditional and non-binding proposal from WSP Global (UBS Buy, PT C

Market cap. €3.61b/US$4.11b

$256, covered by Steven Fisher). The second offer values Arcadis at €51.50 per share,

payable in a mix of cash and WSP shares, following an earlier €48.50 per share approach Shares o/s 89.1m (ORD)

that was unanimously rejected by Arcadis' Executive and Supervisory Boards. These offer Free float 77%

prices represent a 30%/37% premium to the undisturbed price respectively and a Avg. daily volume ('000) 179

18%/23% premium to Arcadis's LT historic multiple of ~9x. Management stated that Avg. daily value (m) €6.3

the initial proposal materially undervalued Arcadis, failing to reflect the company's Common s/h equity (12/26E) €1.15b

intrinsic value, strategic positioning and future growth prospects. The Board also P/BV (12/26E) 2.9x

highlighted concerns regarding strategic and cultural fit, transaction certainty and Net debt to EBITDA (12/26E) 1.4x

broader stakeholder considerations. The Reuters article indicated there had been other

EPS (UBS, diluted) (EUR)

interest from private equity funds, but Arcadis has not commented on this.

UBS Cons.

12/26E 3.10 3.06