|
John Wood Group PLC on Wednesday confirmed that Dar Al-Handasah Consultants Shair & Partners Holdings Ltd has made another cash takeover offer. The Aberdeen, Scotland-based consulting and engineering firm said this ‘fourth and final’ offer from the Beirut-founded company, which is known as Sidara, is worth 230 pence per share. Wood Group is ‘evaluating the final proposal’, which values it at around £1.58 billion. The latest tilt was sweetened from the 220p per share third offer Wood Group rejected on Friday. Wood Group shares were down 6.1% at 178.70p each on Wednesday afternoon in London. It has a market capitalisation of £1.24 billion. Wood Group said that its board and financial advisors were evaluating the new proposal, and that it will make a further announcement in due course. It noted that Sidara’s proposal is preliminary and conditional, and that there can be no certainty that the would-be buyer will make an offer. Earlier on Wednesday Sidara, a planning, design, engineering and project management firm, announced the 230p per share proposal. It said this represents a 52% premium to John Wood Group’s 151.30p closing stock price on April 29, the day before Sidara made its first proposal. Sidara has until June 5 to announce its firm intention, or lack thereof, to make an offer, unless John Wood and the UK Takeover Panel consent to an extension. ‘Wood has not engaged with Sidara since Sidara made its first approach,’ Sidara noted, adding: ‘Sidara does not believe that its proposal can be progressed unless the board of Wood engages with Sidara and an extension to the deadline is granted.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
|
