Wood Group rejects new 220p-a-share offer from Sidara
Wood Group said it had rejected a third unsolicited £1.52bn takeover proposal from rival Dubai-based engineering and consulting company Sidara, saying it continued to “significantly undervalue” the group and its prospects.
FTSE 250
20,120.36
17:04 14/06/24
FTSE 350
4,482.59
17:05 14/06/24
FTSE All-Share
4,438.37
17:14 14/06/24
Oil Equipment, Services & Distribution
4,928.34
16:30 12/06/24
Wood Group (John)
197.50p
16:40 14/06/24
Sidara upped its latest offer by 3.8% to 220p-a-share on May 21, from 212p a week ago and the 205p initial approach. It has until June 5 to make a firm bid.
All three proposals are higher than Wood’s closing share price on May 23 of 180p. The stock was up 3.89% to 187p on Friday.
US private equity firm Apollo Global last year abandoned an attempt to buy Wood, after spending months trying to woo the board. It eventually pulled its 240p-a-share offer not long after Wood agreed to discuss terms.
Reporting by Frank Prenesti for Sharecast.com