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John Wood Group PLC on Monday said it has decided to engage with Apollo Management Holdings LP to see if a firm takeover offer can be made by the private equity firm on the same financial terms as Apollo’s last proposal. Apollo announced a fifth proposal for John Wood in early April at a price of 240 pence per share in cash. The offer represented a 59% premium to John Wood’s closing price of 151p at the time of the offer, and a 20% premium to the initial proposal submitted to John Wood of 200p per share in cash. Shares in the Aberdeen, Scotland-based energy sector-focused engineering and consulting business jumped 7.6% to 227.80 pence on Monday morning in London. ‘Having now weighed all relevant factors, particularly feedback received from Wood shareholders, the board has decided to engage with Apollo to see if a firm offer can be made on the same financial terms as the final proposal,’ it explained. John Wood will now give Apollo, part of Apollo Global Management Inc, access to due diligence materials and has agreed to extend the put-up-or-shut-up deadline for Apollo to make a firm offer or walk away to May 17. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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