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John Wood Group PLC on Wednesday said it has decided to engage with Dar Al-Handasah Consultants Shair & Partners Holdings Ltd after evaluating a fourth bid proposal received last Wednesday. The Aberdeen, Scotland-based consulting and engineering firm noted this ‘fourth and final’ offer from the Beirut-founded company, which is known as Sidara, is worth 230 pence per share. It values Wood Group at around £1.58 billion. Sidara has steadily increased its bid proposal from an initial 205p per share. John Wood said it remains confident in its strategic direction and fundamental prospects. ‘However, having now weighed all relevant factors including, in particular, feedback received from Wood shareholders, the Board has decided to engage with Sidara to determine if a firm offer can be made on the same financial terms as the final proposal,’ the company said in a statement. Accordingly, John Wood said it will grant Sidara access to due diligence materials. The deadline by which Sidara has to decide whether to make a formal bid has been extended to July 3. Sidara’s fourth proposal still sits below a 240p per share bid made for John Wood by Apollo Management Holdings LP in 2023. That was rejected at the time. Shares in John Wood closed up 4.1% at 187.60p each in London on Wednesday. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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