Wood Group grants Apollo extension on bid deadline

Private equity firm Apollo has been given an extension on whether it will formally bid for Wood Group after three prior approaches were rebuffed.

Wood on Friday said it had asked the UK’s Takeover Panel to extend the date to April 19 from the current date of March 22.

The FTSE 250 energy services company made the request after engagement with shareholders and to allow for the scheduled release of its annual results on March 28.

Wood Group on March 7 said it was minded to reject a fourth offer from Apollo Global worth £2bn.

Reporting by Frank Prenesti for Sharecast.com