UK's Wood Group rejects sweetened buyout offer from Sidara
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 15 2024
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Source: reuters
- Wood Group Rejects Raised Buyout Proposal: British oilfield services and engineering firm John Wood Group rejected a raised buyout proposal from Dubai-based company Sidara, stating that it undervalues the company and its future prospects.
- Stock Price Decline: Following the rejection of the buyout offer, shares of London-listed Wood Group fell by 5.6% to 189.30 pence at 1449 GMT.
- Increased Cash Offer: Sidara's increased cash offer of 212 pence per share valued Wood Group at about 1.47 billion pounds, which was 3% higher than its initial offer made the previous week.
- Background on Sidara: Sidara, previously known as Dar Al-Handasah, is a family-owned engineering and consulting company founded in 1956.
- Deadline for Firm Offer: Sidara has until June 5 to make a firm offer for Wood Group following the rejection of their raised proposal.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
