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John Wood Group PLC on Monday extended the deadline for a firm takeover offer from Dar Al-Handasah Consultants Shair & Partners Holdings Ltd, known as Sidara. Sidara is a consortium of privately held engineering and design firms, founded in Beirut but now operated from the UAE. It has until August 25 to make a firm offer for the Aberdeen-based oilfield and engineering company. John Wood said it is working with Sidara and has reached an accord on headline terms of refinancing, which includes an extension of committed loans to October 2028, and entry into new committed bonding facilities. If a takeover offer does not proceed, John Wood says it has ‘a stable platform arrangement’ for alternative refinancing. Sidara made its first approach for John Wood back in May last year. The Scottish company rejected the initial offer for 205 pence per share, saying it ‘fundamentally undervalued Wood and its future prospects’. The year prior, John Wood had spurned a fifth takeover approach from Apollo Global Management for 240p per share. Sidara continued to make advances but in August last year withdrew its fourth bid for 230p per share, or £1.58 billion, due to ‘rising geopolitical risks’. Costs related to the takeover proposals and wider losses led John Wood’s shares to plummet, with the company eventually losing its spot in the FTSE 250 index of London mid-caps. Sidara returned with another offer in February, this time for 35 pence per share in cash, plus a $450 million capital injection. John Wood in April said it was ‘minded to recommend’ the deal, which gives it a total value of about £240 million. Monday marks the sixth time the firm offer deadline has been pushed back. Amid the negotiations, concerns have been raised over John Wood’s financial statements, culminating in the launch of a formal investigation by the Financial Conduct Authority in June. The nature of the FCA enquiry has not been disclosed, though it covers the period from January 1, 2023 to November 7, 2024. According to the Financial Times, the firm’s financials were raising suspicions as far back as 2017. This came after a probe by Deloitte auditors found ‘material weaknesses and failures’ in the ‘financial culture’ of John Wood’s Projects division. ‘As a result of the review, a number of prior year adjustments are expected to be required to the income statement and balance sheet,’ John Wood said in March. As of Monday, the company ‘is continuing to work with its auditor’ on delayed 2024 results. Its shares remain suspended from trading in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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