Sidara moves on Wood Group takeover ahead of a Thursday deadline: Dubai-based engineering and consulting group Sidara submitted a non-binding conditional proposal to acquire 100% of London-listed oilfield services firm Wood Group after making “significant progress” on due diligence, according to a statement. Sidara’s non-binding bid includes a GBP 0.35 per share cash offer, giving the transaction a value of around USD 318.4 mn, and a multi-tranche USD 450 mn debt facility that it would use to refinance maturing debt facilities.

Refresher: Last month, WG gave Sidara until Thursday, 17 April, to decide whether to make a formal takeover offer. The move brings Sidara one step closer to sealing a transaction that’s been on and off since June of last year) — though this time the terms are considerably slimmer. The company had offered to pay GBP 1.6 bn for the company last August, before deciding to walk away from the bid due to market instability and geopolitical concerns.

Wood’s board likes the offer price: Wood’s board signaled it would back the bid if formalized, saying it is “better option” for Wood’s shareholders. The transaction is contingent on the publication of Wood's latest financials and a binding agreement on debt restructuring, among other conditions.

Market reax: Wood’s share price jumped 4.4% on the news, to close at GBP 0.26 yesterday.

IN OTHER M&A NEWS-

GFH pulls the plug on Ithmaar portfolio talks: DFM and ADX-listed Bahraini Islamic investment bank GFH Financial Group scrapped plans to acquire DFM-listed Ithmaar Holding ’s financing and investment portfolios upon mutual agreement, according to two separate filings to the bourse (here, pdf, and here, pdf). The decision follows preliminary due diligence and discussions, with both parties citing unmet requirements for closing the transaction.

ICYMI- Ithmaar’s shareholders had approved the transaction in June of last year. The exact structure and value of the now-scrapped transaction were not disclosed.

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