SHARES in
The
It said the board concluded that the offer "fundamentally undervalued Wood and its future prospects" and rejected it.
An earlier a report on Sidara's bid from
Under rules from the Panel on Takeovers and Mergers, Sidara now has until
Prior to the news, Wood's shares had fallen around 25 per cent over the last 12 months, prompting
Last year, Wood mulled five successive takeover bids from Apollo, with the US private equity giant eventually walking away after a final £1.68bn, or 240p per share, offer last April.
The news comes as a string of foreign firms pounce on the weak valuations of many
Wood provides consultation, management and engineering services for the oil and mining sector, with operations in more than 60 countries. The company currently employs around 6,500 people in the
The firm has focused more heavily on its sustainable business in recent times, which helps companies with decarbonisation and the energy transition.
Shares in the group closed up 16.91 per cent.
(c) 2024 City A.M., source