Sidara's takeover deadline for Wood Group extended

3rd Jul 2024 16:36

(Sharecast News) - Wood Group said on Wednesday that the deadline for Sidara to either announce a firm intention to make an offer or walk away has been extended as the Dubai-based engineering and consultancy firm needs more time for due diligence.

Under takeover rules, the 'put up or shut up' deadline for Sidara to make a takeover offer was 1700 BST on Wednesday. However, this has been extended to 1700 BST on 31 July in order for Sidara to finalise due diligence "and other preparations".

On 29 May, Wood Group announced that it was evaluating a fourth and final "unsolicited, preliminary and conditional" takeover proposal from Sidara at 230p a share. This was up from earlier proposals at 220p, 212p and 205p a share.

On 5 June, Wood Group gave Sidara access to due diligence materials in order to explore whether a firm offer could be made on the same financial terms as the fourth proposal.

Wood Group said on Wednesday that there can be no certainty an offer will be made and that further announcements will be made as appropriate.