Troubled Wood Group has agreed to a cut-price £216m takeover by its Dubai-based suitor.
The engineering and energy services firm, headquartered in Aberdeen, said Sidara will pay 30p per share after reducing a previous offer for the business.
It is the latest development during a tumultuous period for Wood, which saw its shares suspended from the London Stock Exchange after full-year financial results due in April were delayed.
Sidara – a privately held network of engineering and design companies run from the United Arab Emirates – had previously made an approach worth 35p a share in mid-April, valuing Wood Group at £242.2m.
But the firm yesterday confirmed it had reached an agreement for the lower offer. It told shareholders its current capital structure is ‘unsustainable’ due to debts worth about $1.6billion (£1.2billion).
Wood has been selling parts of its operations over the past year in order to help cut its debts.
The company yesterday agreed to sell its North American transmission and distribution business to power solutions firm Qualus in a $110m (£81.5m) deal.
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