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The price of shares in AIM-listed consultancy WYG (LON:WYG) soared 235% to 53.70p (as of 14:10 BST) after the board recommended a cash offer from Tetra Tech that valued the firm at £43.4 million.
Non-executive chairman Jeremy Beeton commented: “The WYG Board and I unanimously recommend the Offer from Tetra Tech. Becoming part of the Tetra Tech Group enables benefits of scale and access to expertise across highly complementary geographies and client relationships, and brings operational infrastructure and financial strength to support WYG’s long term growth ambitions. We provide Tetra Tech with a strong platform for investing in growth in the UK and Europe. We believe the combination of our two companies will provide greater opportunities for our people and clients, as well as offering certainty of immediate value to our shareholders at a considerable premium to the prevailing share price“.