Wood Group 'minded to reject' fourth takeover bid from Apollo

Wood Group said on Tuesday that it was 'minded to reject' a fourth takeover approach from Apollo Global Management as it undervalues the business.

Apollo made a fourth proposal at 237p per share in cash on 6 March.

"The board believes this latest proposal continues to undervalue the group and is therefore minded to reject," Wood Group said in a brief statement.

"The board will continue to engage with its shareholders and intends to engage further, on a limited basis, with Apollo."

Wood Group announced on 22 February that it had rejected three unsolicited, preliminary and conditional proposals from Apollo, the last of which was at 230p per share.