Global Takeovers in the Engineering space and other potential bidders

Hi All

Looking at a global takeover of an engineering company in 2014, the acquisition of Tetra Tek looks very opportunistic.  In 2014, acquisitions in this space have been on a dollar for dollar to revenue, AMEC took over Foster Wheeler in 2014 for $US3.2 Billion.
Looking at the Australian market and Crescent Capitals current acquisition of Cardno, Cardno’s normalised revenues are $1.0 Billion.  The share offer is at approximately $521 Million market capitalisation, therefore $0.52 for every dollar earnt in revenue.  Assuming valuations are correct across the world, CDD is worth approximately $6 per share (dollar revenue for dollar market capitalisation).
If Cardno’s takeover of $0.50 for every dollar in revenue is assumed to be the benchmark, COF takeover price should be at least $0.72.
Given the opportunistic nature of the bid in the economic cycle, which of Tetra Tek’s competitors would be a potential bidder given that COF is going so cheaply? Following are a list of potential bidders and the key financials on each:
AECOM Technology Corporation – from 2014 Financial Report http://www.aecom.com/
$US8.3 Billion in Revenue
$US574 Million is Cash
$US4.28 Billion in Market Capitalisation

AMEC Foster Wheeler - from 2014 Financial Report http://www.amecfw.com/
GBP5.5 Billion in Revenue
GBP495 Million in Cash
$US4.7 Billion and GBP3.163 Billion in Market Capitalisation (dual listing)

SNC-Lavalin Group - http://www.snclavalin.com
$CAD8.24 Billion in Revenue
$CAD935 Million in Cash
$CAD6.369 Billion in Market Capitalisation

Jacobs Engineering Group - http://www.jacobs.com/
$US12.695 Billion in Revenue (will be slightly lower in 2015)
$US732 Million is Cash
$US4.868 Billion in Market Capitalisation

Note from the above, have excluded debt analysis as all of these companies have high debt % compared to revenues, similar to COF.

The above all work on projects in Australia and COF would also be a very nice fit for them, following are additional companies with a potential interest:
Arcadis NV
Black & Veatch Corporation
Brown & Caldwell
CDM Smith Inc
CH2M HILL Companies Ltd
Chemonics International Inc
GHD
ICF International Inc
Leidos Inc
Michael Baker International, LLC
MWH Global Inc
Stantec Inc
TRC Companies Inc
Weston Solutions Inc
Willbros Group Inc
WSP Global Inc

Best of Luck
Lost