Netherlands-based engineering consultant Arcadis has rejected a second takeover proposal from Canadian engineering giant WSP Global on grounds that the $5.7-billion revised offer “undervalued Arcadis’ intrinsic value.” WSP Global’s first offer for $4.8 billion, submitted on July 14, was rebuffed on similar grounds. Additionally, Arcadis said 50% of the proposal consisted of WSP Global stock, hovering around $167.60 per share. Included among Arcadis concerns was uncertainty around “deal execution and timing, execution of strategic plans, cultural fit and integration risks.” 9 on ENR’s most current Top 225 Global Design Firms list, reporting $5.4 billion in 2025 global engineering revenue, with WSP Global ranked at No.