(Reuters) - British oilfield services and engineering firm John Wood Group said on Friday it has rejected a third buyout proposal from Dubai-based company Sidara, as the unsolicited offer continued to "significantly undervalue" the group.

The latest proposal for a cash offer of 220 pence per share, received on Tuesday, represented an increase of about 3.8% to the previous proposal submitted on May 14, the British firm said.

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Mrigank Dhaniwala)