{"id":102617,"date":"2025-04-15T00:00:00","date_gmt":"2025-04-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/sidara-submits-another-offer-for-uks-wood-group-for-usd-318-4-mn\/"},"modified":"2025-04-15T00:00:00","modified_gmt":"2025-04-15T00:00:00","slug":"sidara-submits-another-offer-for-uks-wood-group-for-usd-318-4-mn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/04\/15\/sidara-submits-another-offer-for-uks-wood-group-for-usd-318-4-mn\/","title":{"rendered":"Sidara submits another offer for UK\u2019s Wood Group for USD 318.4 mn"},"content":{"rendered":"

Sidara moves <\/strong>on Wood Group takeover ahead of a Thursday deadline: <\/strong>Dubai-based engineering and consulting group Sidara<\/a> submitted a non-binding conditional proposal to acquire 100% of London-listed oilfield services firm Wood Group<\/a> after making \u201csignificant progress\u201d on due diligence, according to a statement<\/a>. Sidara\u2019s 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.<\/p>\n

Refresher:<\/strong> Last month, WG gave Sidara <\/span>until Thursday, 17 April,<\/a> to decide whether to make a formal takeover offer. The move brings Sidara one step closer to sealing a transaction that\u2019s been on and off since <\/span>June of last year)<\/a> \u2014 though this time the terms are considerably slimmer. The company had offered to pay GBP 1.6 bn for the company <\/span>last August<\/a>, before deciding to walk away from the bid due to market instability and geopolitical concerns.<\/span><\/p>\n

Wood\u2019s board likes the offer price: <\/strong>Wood\u2019s board signaled it would back the bid if formalized, saying it is \u201cbetter option\u201d for Wood\u2019s shareholders. The transaction is contingent on the publication of Wood's latest financials and a binding agreement on debt restructuring, among other conditions. <\/p>\n

Market reax: <\/strong>Wood\u2019s share price jumped 4.4% on the news, to close at GBP 0.26 yesterday. <\/p>\n

IN OTHER M&A NEWS- <\/p>\n

GFH pulls the plug on Ithmaar portfolio talks: <\/strong>DFM and ADX-listed Bahraini Islamic investment bank GFH Financial Group<\/a> scrapped plans to acquire DFM-listed Ithmaar Holding<\/a> \u2019s financing and investment portfolios upon mutual agreement, according to two separate filings to the bourse (here, pdf<\/a>, and here, pdf<\/a>). The decision follows preliminary due diligence and discussions, with both parties citing unmet requirements for closing the transaction.<\/p>\n

ICYMI-<\/strong> Ithmaar\u2019s shareholders had approved the transaction in June of last year<\/a>. The exact structure and value of the now-scrapped transaction were not disclosed.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sidara\u2019s latest offer is priced well below what it was willing to pay for Wood last year<\/p>\n","protected":false},"author":1,"featured_media":102618,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[7,1342,60,1193,1724],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-102617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseam-uae","tag-investment","tag-ma-watch","tag-sidara","tag-wood-group","wpautop","entry"],"acf":{"mongo_id":"1cd83087-1040-49e8-af5d-c32d63059a6b","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/4\/853.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sidara submits another offer for UK\u2019s Wood Group for USD 318.4 mn","related_issue":[102612],"teaser":"Sidara\u2019s latest offer is priced well below what it was willing to pay for Wood last year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/4\/.b3e9fbcf-deb1-4966-8e8d-f9ebff02a31d.mp3"},"yoast_head":"\nSidara submits another offer for UK\u2019s Wood Group for USD 318.4 mn - 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