{"id":91821,"date":"2024-05-09T00:00:00","date_gmt":"2024-05-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/wood-group-rejects-sidaras-gbp-1-4-bn-takeover-bid\/"},"modified":"2024-05-09T00:00:00","modified_gmt":"2024-05-09T00:00:00","slug":"wood-group-rejects-sidaras-gbp-1-4-bn-takeover-bid","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/09\/wood-group-rejects-sidaras-gbp-1-4-bn-takeover-bid\/","title":{"rendered":"Wood Group rejects Sidara\u2019s GBP 1.4 bn takeover bid"},"content":{"rendered":"

Wood Group turns down Sidara takeover offer: <\/strong>LSE-listed oil services and engineering firm John<\/a>Wood Group<\/a> \u2019s board of directors unanimously declined an unsolicited, conditional purchase proposal from Dubai-based infrastructure firm Sidara<\/a> (formerly Dar Group) to fully acquire the company for GBP 1.4 bn, according to a bourse disclosure<\/a>. Wood Group\u2019s statement came following reports from Bloomberg<\/a> earlier in the day signaling interest from Sidara in a stake in the Aberdeen-based firm.<\/p>\n

The rationale:<\/strong> Sidara had submitted a preliminary offer to buy the consultancy firm for GBP 2.05 per share, a proposal Wood Group deemed was \u201cfundamentally undervaluing Wood and its future prospects.\u201d <\/p>\n

Sidara still has a chance:<\/strong> Wood has set 5 June as a deadline for Sidara to submit another offer or withdraw its bid. <\/p>\n

Wood is in a tight spot: <\/strong>Last month<\/a>, shareholder Sparta Capital Management urged Wood to consider listing in the US or selling the company after negotiations with buyout group Apollo to buy the company fell through<\/a>. Apollo\u2019s bid \u2014 which it withdrew last month \u2014 had valued the company at GBP 1.66 bn at the time. Wood\u2019s shares had fallen about 25% over the past year, Bloomberg reports, giving it a market value of GBP 1.1 bn.<\/p>\n

Market reax: <\/strong>Wood\u2019s shares rose as much as 26% in intraday trading, before closing up nearly 17% at GBP 1.92, putting Sidara\u2019s offer at a 7% premium above yesterday\u2019s closing price and 24% above Tuesday\u2019s closing price of GBP 1.65.<\/p>\n

Advisers: <\/strong>JPMorgan Chase and Morgan Stanley serve as joint financial advisers and corporate brokers to Wood.<\/p>\n

ICYMI-<\/strong> Sidara sold a 19% stake worth USD 1.4 bn in engineering group Worley last month<\/a>. The stake sale saw Sidara\u2019s share in the Australian firm shrink to 4.5% after it had been Worley\u2019s largest shareholder. <\/p>\n

Background:<\/strong> Dar Group recently rebranded<\/a> to Sidara, a holding firm with 17 brands under its belt, including Middle East-focused Dar. The company is currently working on building Dubai International Financial Centre\u2019s new AED 1.1 bn tower<\/a>, slated for completion by April 2027.<\/p>\n

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

ADX-listed crypto firm <\/strong>Phoenix Group<\/a><\/strong> completed its acquisition of a 12.5% <\/strong>minority stake in Dubai-based web3 gaming firm <\/strong>Rekt Studios<\/a><\/strong> yesterday,<\/strong> with the acquisition executed through Phoenix\u2019s wholly-owned subsidiary, Phoenix INV Holdings, Zawya<\/a> reports. The company had previously said the transaction was valued at USD 2.5 mn<\/a>.<\/p>\n

Background: <\/strong>Phoenix\u2019s board gave the acquisition the green light last month<\/a>. The crypto conglomerate has doubled down on its efforts to expand its footprint since debuting<\/a> on the ADX in December to strong investor appetite. The company shelled out USD 187 mn for BTC mining machines<\/a> from Bitmain Development and snagged a 25% stake<\/a> in UAE-based content monetization platform Lyvely<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sidara\u2019s deadline to submit another bid is 5 June<\/p>\n","protected":false},"author":1,"featured_media":91822,"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":[1344,60,229,1193,573],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-91821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-ma","tag-ma-watch","tag-phoenix-group","tag-sidara","tag-web3","wpautop","entry"],"acf":{"mongo_id":"b6c21e45-3bb1-4127-9cd0-048ca91763c0","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/571.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Wood Group rejects Sidara\u2019s GBP 1.4 bn takeover bid","related_issue":[91817],"teaser":"Sidara\u2019s deadline to submit another bid is 5 June","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.76ecc9ab-55b4-4eb6-8c1c-c6982ae5ce0b.mp3"},"yoast_head":"\nWood Group rejects Sidara\u2019s GBP 1.4 bn takeover bid - 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