Wood Group tumbles as Sidara walks away

(Sharecast News) - Wood Group tumbled on Monday after Dubai-based engineering and consultancy firm Sidara said it won't be making a firm takeover offer for the company due to "geopolitical risks and financial market uncertainty". Wood Group said at the end of May that it was evaluating a fourth and final "unsolicited, preliminary and conditional" takeover proposal from Sidara at 230p a share.

Sidara originally had until 5 June to either announce a firm intention to make an offer or walk away, but the 'put up or shut up' deadline was pushed back to 9 August.

At 0830 BST, Wood Group shares were down 37% at 123.70p.