Wood extends deadline for takeover for second time
Aberdeen-headquartered Wood Group has extended its deadline to its Dubai-based suitor Sidara for a potential takeover.
Sidara, also known as Dar Al-Handasah Consultants Shair and Partners, had until July 5 to submit a final offer or walk away.
This was extended to July 31, and his now been extended again until August 9, after a Takeover Panel consented to the extension.
The firm also left the possibility of a third extension on the table. It said: “This deadline can be further extended by the board of Wood, with the consent of the Takeover Panel.”
The Middle East company firstly approached Wood in April with an offer worth 205p per share.
It was swiftly rejected, and followed up with a second offer worth 212p per share.
A third offer of 220p per share was submitted, before Wood finally agreed to discuss terms with Sidara after a bid worth 230p was submitted on May 29.
Who is Sidara?
The Lebanese-founded design and engineering business rebranded to its new name last year.
It’s reported that it sold down a $1.4bn (£1.12bn) stake in Australian engineering services group Worley in April, to prepare to approach Wood.
The company, founded in 1956, generates about half of its $2.3bn (£1.84bn) revenue in the US and was believed to have been interested in Wood as a channel to grow that further through new oil and gas projects and renewable energy.
Around a quarter of Wood’s revenue last year was accounted for in the US.
Published: 02-08-2024
