Wood Group rejects new 220p-a-share offer from Sidara

Wood Group said it had rejected a third unsolicited £1.52bn takeover proposal from rival Dubai-based engineering and consulting company Sidara, saying it continued to “significantly undervalue” the group and its prospects.

Sidara upped its latest offer by 3.8% to 220p-a-share on May 21, from 212p a week ago and the 205p initial approach. It has until June 5 to make a firm bid.

All three proposals are higher than Wood’s closing share price on May 23 of 180p. The stock was up 3.89% to 187p on Friday.

US private equity firm Apollo Global last year abandoned an attempt to buy Wood, after spending months trying to woo the board. It eventually pulled its 240p-a-share offer not long after Wood agreed to discuss terms.

Reporting by Frank Prenesti for Sharecast.com