Sidara makes final takeover approach to Wood Group at 230p a share

(Sharecast News) - Dubai-based engineering and consulting company Sidara said on Wednesday that it had made an increased and final takeover proposal to Wood Group at 230p a share. Wood Group announced last week that it had rejected a third unsolicited £1.52bn or 220p a share takeover proposal from Sidara, as it continued to "significantly undervalue" the group and its prospects. This was up from two earlier proposals at 212p and 205p.

The latest offer is a 52% premium to the closing Wood Group share price on 29 April, which was the last day before Sidara's initial proposal.

Sidara has until 5 June to either announce a firm intention to make a bid or walk away.

"Wood has not engaged with Sidara since Sidara made its first approach," the company said. "Sidara does not believe that its proposal can be progressed unless the board of Wood engages with Sidara and an extension to the deadline is granted."

At 1410 BST, Wood Group shares were down 2.2% at 186.10p.