Science Group Pulls Back After Hostile Push
Science Group, which acquired a 21.8% stake in Ricardo earlier this year at an average of 239 pence per share, now stands to realize a pre-tax return of 70%—a windfall that appears to have pacified its prior campaign to unseat Clare. In a sudden about-face, the group said it will now reconsider its call for a shareholder meeting previously scheduled for June 18.
The tension between Ricardo’s board and its second-largest shareholder had escalated over concerns about performance and strategy. But with WSP’s cash offer on the table and a favorable return secured, Science Group now supports the acquisition, smoothing the path forward.
Shareholder Backing, Legal Orchestration, and a Global Footprint
WSP says it has already secured the support of shareholders controlling roughly 48% of Ricardo’s stock, including institutional heavyweights Schroders, Gresham House, Aberforth Partners, and Royal London Asset Management. Still, the scheme of arrangement must win at least 75% shareholder approval, in addition to regulatory and court approvals in the U.S., U.K., Australia, and Saudi Arabia.
Ricardo’s alignment with WSP’s expertise in rail, environmental consulting, and energy transition sectors makes it a natural fit. WSP emphasized that Ricardo’s global presence—particularly in the U.K., Australia, and the Netherlands—strengthens its own footprint, giving the deal clear geographic and operational synergy.
