Wood Group rejects new 220p-a-share approach from Sidara

(Sharecast News) - Oil services company Wood Group said it had rejected a third £1.52bn improved takeover proposal from Dubai-based engineering and consulting company Sidara, saying it continued to "significantly undervalue" the group and its prospects.

Sidara upped its latest offer by 3.8% to 220p-a-share on May 21 from 212p a week ago and the 205p initial approach. It has until June 5 to make a firm bid.

All three proposals are higher than Wood's closing share price on May 23 of 180p.

Reporting by Frank Prenesti for Sharecast.com