The proposal offers Arcadis shareholders a choice between cash and WSP equity, with the acquirer signaling a willingness to split the payment equally. WSP executives argue the merger would harmonize complementary service lines and boost scale, projecting a high-single-digit percentage accretion to net earnings before accounting for synergies. Once operational leverage is realized, they anticipate mid-teens growth for adjusted earnings per share.

Arcadis leadership remains unconvinced. The Amsterdam-listed firm confirmed receipt of the revised bid on Friday, noting that its board is currently reviewing the terms. Management maintains that its internal roadmap for margin expansion and growth will ultimately deliver more value to shareholders than the current cash-and-stock offer on the table.