Wood Group rejects takeover offer from Apollo

Wood Group said on Wednesday that it has rejected three unsolicited, preliminary and conditional takeover proposals from Apollo Global Management.

The most recent approach, on 26 January, was at 230p per share in cash.

“The board carefully considered each of the proposals, together with its financial advisers, and has engaged on a limited basis with Apollo,” it said.

“The board unanimously rejected each of the proposals, having concluded that they significantly undervalued the repositioned group’s prospects.”