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John Wood Group PLC on Friday said it rejected a third takeover approach from Dar Al-Handasah Consultants Shair & Partners Holdings Ltd, known as Sidara. Sidara is a planning, design, engineering and project management firm, founded in Beirut, with more than 300 offices in 60 countries. Wood, an Aberdeen, Scotland-based consulting and engineering for energy and materials sectors said the new cash offer of 220 pence per share continued to ‘fundamentally undervalue’ the company and its future prospects. John Wood said it unanimously rejected the proposal on Thursday. The offer was 3.8% higher than Sidara’s second approach of 212p per share, which itself was 3.4% higher than the initial offer of 205p. Wood shares rose 1.5% to 182.69 pence each on Friday morning in London. It is the latest attempt to win over John Wood. In May 2023, Apollo Management Holdings LP admitted defeat in its long-running pursuit of the company. Apollo, a private equity firm owned by Apollo Global Management Inc, a New York-headquartered asset management firm, made five attempts to secure John Wood’s backing for a takeover. The final approach was pitched at 240p per John Wood share, 8.3% above Sidara’s latest proposal. Apollo initially offered 200p per share. Sidara has until June 5 to announce whether or not it intends to make a takeover offer for Wood. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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