(Sharecast News) - FTSE 250 (MCX) 20,705.11 0.15%
Wood Group said late on Wednesday that it had decided to "engage" with Sidara after the Dubai-based engineering and consulting firm made an improved and final takeover proposal last week at 230p a share.
"The board remains confident in Wood's strategic direction and its fundamental prospects," it said.
"However, having now weighed all relevant factors including, in particular, feedback received from Wood shareholders, the board has decided to engage with Sidara to determine if a firm offer can be made on the same financial terms as the final proposal. Accordingly, the board will grant Sidara access to due diligence materials."
Wood Group announced last week that Sidara had upped its proposal to 230p, after it rejected a third unsolicited £1.52bn or 220p a share proposal, as it still significantly undervalued the group and its prospects. This was up from two earlier proposals at 212p and 205p.
The final 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.
Wood Group said on Wednesday that it had asked for an extension to the 'put up or shup up' deadline, meaning that Sidara now has until 3 July to either announce a firm intention to make an offer or walk away.
"There can be no certainty that an offer will be made. Further announcements will be made as appropriate," it added.
Asset manager Bridgepoint Group has announced that founder and chair William Jackson is to step down from the board this summer.
Jackson, who will continue to chair Bridgepoint's private equity business, said it was a "good time" to transition to an independent non-executive chair following the company's stock-market debut in 2021.
The board has unanimously agreed to appoint Tim Score, currently chair of British Land, as Jackson's replacement, with the succession happening on 1 July. He will be retiring from the real estate investment trust at the same time, after five years in the role.
"Tim takes over as chair with the business enjoying tremendous momentum which I'm looking forward to continuing to support as chair of our private equity business," Jackson said.
Score was the former deputy chair and director at Person, a non-executive director at HM Treasury and previously worked as CFO for ARM Holdings for 13 years. He is currently chair of the national cricket charity Chance to Shine, a non-executive director at the Football Association and sits on the board of trustees of the Royal National Theatre.
In April, the company also announced a switch-up of its chief financial officer position, with Ruth Prior, the CFO of former Bridgepoint portfolio company Element Materials Technology, replacing Adam Jones, who is to step down later this year.
Assura, AJ Bell, Balanced Commercial Property Trust, Computacenter, Capital Gearing Trust, Edinburgh Investment Trust, Energean, IntegraFin Holdings, JLEN Environmental Assets Group, Johnson Matthey, Marshalls and Pets at Home Group all fell after trading without rights to a dividend.
Market Movers
FTSE 250 - Risers
Wood Group (John) (WG.) 203.20p 9.25%
Aston Martin Lagonda Global Holdings (AML) 161.90p 3.12%
Babcock International Group (BAB) 548.00p 3.01%
TBC Bank Group (TBCG) 2,580.00p 2.79%
Endeavour Mining (EDV) 1,710.00p 2.76%
Bank of Georgia Group (BGEO) 3,795.00p 2.71%
Discoverie Group (DSCV) 740.00p 2.64%
NCC Group (NCC) 140.60p 2.48%
JTC (JTC) 896.00p 2.40%
FirstGroup (FGP) 175.10p 2.40%
FTSE 250 - Fallers
Energean (ENOG) 1,039.00p -5.46%
Drax Group (DRX) 489.60p -3.62%
Johnson Matthey (JMAT) 1,655.00p -3.55%
Indivior (INDV) 1,335.00p -3.47%
Pets at Home Group (PETS) 307.40p -3.39%
W.A.G Payment Solutions (WPS) 71.00p -2.74%
CMC Markets (CMCX) 268.50p -2.19%
Bridgepoint Group (Reg S) (BPT) 217.40p -2.16%
Assura (AGR) 41.48p -2.12%
TUI AG Reg Shs (DI) (TUI) 607.00p -2.10%