Wood Group shares plunge as Apollo pulls plans for bid
Shares in Wood Group plunged by more than a third on Monday as US private equity firm Apollo Global pulled plans to make a takeover offer for the UK oil industry engineer.
FTSE 250
20,052.33
17:15 02/05/24
FTSE 350
4,492.44
16:49 02/05/24
FTSE All-Share
4,446.15
17:04 02/05/24
Oil Equipment, Services & Distribution
4,928.34
16:30 11/04/24
Wood Group (John)
149.80p
17:05 02/05/24
Apollo had made five approaches for the company and had to table a firm bid or walk away by May 17.
In response, the Wood board said it remained confident in its strategic direction and long-term prospects and believes that, "following a transformative year in 2022, including new executive leadership and a new strategy" the company was "well placed to deliver substantial value for shareholders".
Apollo had made a fifth cash bid for the Wood Group of 240p per share on April 4. Wood’s board rejected the bid, saying it undervalued the group.
Reporting by Frank Prenesti for Sharecast.com