Wood Group’s suitor, the Dubai-based consultancy Sidara, has been given a further day to declare its intention to bid for the Aberdeen company.
The Takeover Panel granted the extension just before today’s 5pm deadline for Sidara to lodge its expected 30p per share offer, valuing Wood at about £207 million.
Wood has indicated it would be minded to recommend the offer, which is 5p per share lower than the proposed price in April.
Sidara, which has completed its due diligence, notified Wood last Saturday that it is committed to making an offer for Wood at the reduced price once the remaining pre-conditions have been satisfied.
Wood is continuing to work with its auditor in relation to the publication of its audited accounts for the financial year ended 31 December 2024. In the meantime, its shares remain suspended from trading.
#Sidara #day #declare #Wood #offer #Daily #Business