Wood Group rejects new 220p-a-share offer from Sidara
By Frank Prenesti
Date: Friday 24 May 2024
(Sharecast News) - 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.
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
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