Wood Group 'evaluating' final takeover approach from Sidara at 230p a share

Wood Group said on Wednesday that it was evaluating a fourth and final "unsolicited, preliminary and conditional" takeover proposal from Dubai-based engineering and consulting firm Sidara at 230p a share.

Last week, Wood Group said it had rejected a third unsolicited £1.52bn or 220p a share takeover proposal from Sidara, as it continued to "significantly undervalue" the group and its prospects. This was up from two earlier proposals at 212p and 205p.

The latest offer is a 52% premium to the closing Wood Group share price on 29 April, which was the last day before Sidara’s initial proposal.

"The board, together with its financial advisers, is evaluating the final proposal and a further announcement will be made in due course," Wood Group said, adding that there can be no certainty that an offer will be made.

Sidara - which has until 5 June to either announce a firm intention to make a bid or walk away - pointed out that Wood Group has not engaged with it since the first approach was made.

"Sidara does not believe that its proposal can be progressed unless the board of Wood engages with Sidara and an extension to the deadline is granted," it said.

At 1440 BST, Wood Group shares were down 5.9% at 179p.