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Ecology and Environment Inc. Enters into Definitive Agreement to be Acquired by WSP Global Inc.
LANCASTER, N.Y., Aug. 28, 2019 (GLOBE NEWSWIRE) -- Ecology and Environment Inc. (“E & E”) (Nasdaq: EEI) today announced that it has entered into a definitive merger agreement with WSP Global Inc. (“WSP”), pursuant to which WSP will acquire E & E for cash. Under the terms of the agreement, E & E’s shareholders will receive $15.00 in cash, and a special dividend of up to $0.50, for each share of Class A and Class B common stock they own. The special dividend is conditioned on and will be paid following the completion of the transaction and is subject to downward adjustment in certain circumstances. The merger agreement and the transaction have been unanimously approved by E & E’s Board of Directors. In addition, E & E’s founders Frank Silvestro, Ronald Frank and Gerald Strobel, a trust affiliated with E & E’s late founder Gerhard Neumaier, each member of E & E’s Board of Directors and affiliates of Mill Road Capital have all signed voting agreements in support of the transaction.