URS, Washington Group amend merger agreement

URS Corp. has amended its definitive merger agreement for the acquisition of Washington Group International Inc. to increase the consideration to be received by Washington stockholders as well as to provide them the ability to elect to receive cash, stock or a combination of both for their shares.  

Based on the closing price of URS’ common stock on Nov. 2, 2007, the consideration is now valued at $3.2 billion, or $97.89 per Washington Group share.  

In addition, upon completion of the transaction, Washington Group shareholders would own approximately 35 percent of the combined company, compared with approximately 32 percent under the terms of the original merger agreement.