Wood Group shares plunge as Apollo pulls plans for bid

Shares in Wood Group plunged by more than a third on Monday as US private equity firm Apollo Global pulled plans to make a takeover offer for the UK oil industry engineer.

Apollo had made five approaches for the company and had to table a firm bid or walk away by May 17.

In response, the Wood board said it remained confident in its strategic direction and long-term prospects and believes that, "following a transformative year in 2022, including new executive leadership and a new strategy" the company was "well placed to deliver substantial value for shareholders".

Apollo had made a fifth cash bid for the Wood Group of 240p per share on April 4. Wood’s board rejected the bid, saying it undervalued the group.

Reporting by Frank Prenesti for Sharecast.com