- Aecom (ACM +10.5%) surges to a three-month high after WSP Global (OTCPK:WSPOF) announced it is selling more than 5M shares for $86/share to raise C$437M.
- WSP says it plans to use the offering proceeds in part to "fund potential future acquisition opportunities," and the speculation is it has eyes for rival Aecom, Briefing.com reports.
- WSP's offering "raises some eyebrows," Bank of America analyst Michael Feniger writes, noting WSP stock is nearly back to pre-COVID levels while Aecom shares are ~25% below (before today) its pre-COVID high of early February.
- BofA's Michael Feniger reiterates his Buy rating for Aecom, saying "the stars are aligning for ACM's value to be realized - at the very least, for the cash return story to take hold."