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LONDON - Science Group PLC has agreed to sell most of its stake in Ricardo plc to WSP Group Limited as part of WSP’s offer to acquire Ricardo, according to a press release statement issued Wednesday.
Science Group will sell 12,443,655 Ricardo shares, representing 19.99% of the issued share capital, at 430 pence per share. The transaction is expected to generate approximately £53.5 million in cash proceeds before the end of June.
Between February 16 and May 27, 2025, Science Group had acquired a 21.8% stake in Ricardo at an average price of 239 pence per share. The company expects to realize a pre-tax net return of around 70% on its investment.
WSP’s offer price represents a 102% premium to Ricardo’s share price of 213 pence before Science Group began purchasing shares.
Science Group indicated it supports the WSP offer for Ricardo and plans to retain the proceeds for future strategic investments and corporate opportunities.
The company also noted that a requisitioned general meeting scheduled for June 18, 2025, will likely be adjourned. Science Group will maintain a small remaining position in Ricardo following the transaction.
The investment profit is expected to be "materially accretive" for Science Group in the current financial year, strengthening the company’s cash position, according to the release.
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