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John Wood Group PLC on Friday accepted a bid proposal which includes a cash injection into the business, albeit the long-running takeover saga remains subject to several conditions. The Aberdeen, Scotland-based oilfield services and engineering consulting business said the offer from long-term suitor Dar Al-Handasah Consultants Shair and Partners Holdings Ltd, known as Sidara, is worth 30 pence for each John Wood share, valuing the business at around £210 million. Shares in the company are currently suspended at 18.20p pending publication of 2024 accounts. In addition, Sidara said it will provide a $450 million capital injection into John Wood to provide financial stability. Of this, $250 million will be available upon Wood shareholders approving the deal, with a further $200 million available on completion. John Wood said it believes that any alternative refinancing option would likely generate materially less, and potentially zero, value for shareholders relative to the terms of this deal. John Wood said it has agreed an extension to October 2028 of its existing committed debt facilities with the consent of its lenders. John Wood Chief Executive Ken Gilmartin said the deal brings ‘us closer to finalising a challenging chapter in Wood’s history.’ ‘The acquisition by Sidara will solve our near-term liquidity challenges and strengthen the company in the longer term,’ he added. The agreement is subject to a number of conditions including publication of 2024 audited accounts on or before the end of October and the audit opinion not being the subject of any modified opinion in relation to the 2024 balance sheet. In April, Sidara made a 35p per share offer to John Wood but reduced this earlier this month, having completed due diligence. John Wood rejected an offer from Sidara in August last year for 230p - and prior to that a 240p bid from Apollo Global Management - before Sidara returned this year with its revised bid. In the meantime, concerns have been raised over John Wood’s financial statements, culminating in the launch of a formal investigation by the UK Financial Conduct Authority in June. The deal is expected to complete in the first half of 2026. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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