{"id":92399,"date":"2024-05-27T00:00:00","date_gmt":"2024-05-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/wood-group-rejects-another-takeover-bid-from-sidara\/"},"modified":"2024-05-27T00:00:00","modified_gmt":"2024-05-27T00:00:00","slug":"wood-group-rejects-another-takeover-bid-from-sidara","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/05\/27\/wood-group-rejects-another-takeover-bid-from-sidara\/","title":{"rendered":"Wood Group rejects another takeover bid from Sidara"},"content":{"rendered":"

Wood Group turns down another takeover bid by Sidara: <\/strong>British oil services and engineering firm Wood Group has rejected a higher acquisition bid from Dubai's <\/span>Sidara<\/a>, according to a <\/span>bourse disclosure<\/a> on Friday. This is Sidara's third bid for the British company.<\/span><\/p>\n

ICYMI- <\/strong>Sidara had submitted a preliminary offer on 8 May<\/a> to buy the consultancy firm at GBP 2.05 per share, which was rejected by Wood\u2019s board, which said that it \u201cfundamentally undervaluing Wood and its future prospects.\u201d The company later submitted a revised bid of GBP 2.12 per share on 14 May<\/a>, marking a 3.4% upward revision from its previous bid, and valuing the company at GBP 1.47 bn. Despite the increase, Wood Group's board unanimously felt that the offer still undervalued the company.<\/p>\n

The new bid: <\/strong>Sidara\u2019s revised bid offered to buy the consultancy firm at GBP 2.20 per share, marking a 3.8% upwards revision from its previous bid and 7.3% from its first. Wood\u2019s board unanimously rejected the offer, on the grounds that it continued to \u201csignificantly undervalue\u201d the group.<\/p>\n

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

REMEMBER- Wood is in a tight spot: <\/strong>Last month, 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. 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 closed up 5.2% at GBP 1.89 on Friday.<\/p>\n

Advisers: <\/strong>JPMorgan Chase and Morgan Stanley serve as joint financial advisers and corporate brokers to Wood.<\/p>\n","protected":false},"excerpt":{"rendered":"

The revised bid offered to buy Wood Group at a value 3.8% higher than Sidara\u2019s previous bid<\/p>\n","protected":false},"author":1,"featured_media":92400,"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":[7,60,1193],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92399","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseam-uae","tag-ma-watch","tag-sidara","wpautop","entry"],"acf":{"mongo_id":"7a6baf06-8533-4e0d-8770-6b79943220f3","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/839.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Wood Group rejects another takeover bid from Sidara","related_issue":[92394],"teaser":"The revised bid offered to buy Wood Group at a value 3.8% higher than Sidara\u2019s previous bid","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.4b73174e-06c2-4b67-9407-4ae25e6c7ded.mp3"},"yoast_head":"\nWood Group rejects another takeover bid from Sidara - 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