Apollo makes final takeover offer for Wood Group at £1.66bn

The final offer comes after Wood Group said last month that it was minded to reject a sweetened takeover offer of £1.6bn - or 237p a share - arguing that it still undervalued the business.

The new offer, of 240p per share in cash, represents a 59% premium to the closing undisturbed share price of 151p on 21 February 2023.

"Apollo believes that the final proposal would provide a compelling opportunity for Wood's shareholders to monetise their holdings in Wood for cash at a highly attractive valuation which is also at a significant premium to its recent and undisturbed share price, eliminating the inevitable execution risk and uncertainty associated with delivering Wood's refreshed strategy," it said.

"Apollo looks forward to engaging constructively with the board of Wood to finalise the terms of a recommended transaction to be put forward to Wood's shareholders."

In a brief statement, Wood Group noted the announcement by Apollo and said the board "will continue to engage with its shareholders".

"There can be no certainty that an offer will be made," it said, adding that further announcements will be made as appropriate.

Wood Group shares closed down 1.8% at 201p.