{"id":94536,"date":"2024-08-06T00:00:00","date_gmt":"2024-08-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/sidara-backs-out-of-plans-to-buy-out-wood-group\/"},"modified":"2024-08-06T00:00:00","modified_gmt":"2024-08-06T00:00:00","slug":"sidara-backs-out-of-plans-to-buy-out-wood-group","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/06\/sidara-backs-out-of-plans-to-buy-out-wood-group\/","title":{"rendered":"Sidara backs out of plans to buy out Wood Group"},"content":{"rendered":"

Dubai\u2019s Sidara backed out of its plans to acquire British oil services and <\/strong>engineering firm Wood Group<\/strong>, it said in a statement<\/a> yesterday. The Dubai-based firm cited geopolitical risks and financial market volatility as reasons for its change of plans. EnterpriseAM UAE was unable to reach company representatives.<\/p>\n

ICYMI- <\/strong>Sidara had until 9 August<\/a> to submit its final offer to acquire Wood Group after the board approved the extension of the initial deadline set for the end of July. After Wood rejected three previous bids, Sidara was granted due diligence<\/a> and allowed to engage with Wood in June. <\/p>\n

REMEMBER- Sidara submitted four acquisition bids for Wood Group, <\/strong>which were all rejected for \u201csignificantly undervaluing\u201d the company. The engineering and consulting firm\u2019s latest bid saw it offer to acquire<\/a> Wood Group at GBP 2.3 per share, valuing the company at up to GBP 1.59 bn, which it said would be its final offer. <\/p>\n

One of Wood\u2019s biggest markets is the Middle East:<\/strong> The Middle East and Africa contribute about 18% of the construction company\u2019s revenues, according to its 2023 annual report (pdf)<\/a>. Israel\u2019s ongoing war in Gaza as well as the brewing war between Israel and Lebanon \u2014 and Iran \u2014 is fueling geopolitical uncertainty in this corner of the world. <\/p>\n

This isn\u2019t the first acquisition bid for Wood to fall through: <\/strong>The company\u2019s shareholders have urged it 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 Group\u2019s shares plunged 40% on the news. <\/p>\n","protected":false},"excerpt":{"rendered":"

Sidara previously submitted four acquisition bids for Wood Group<\/p>\n","protected":false},"author":1,"featured_media":94537,"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":[7,1344,60,1193,1724],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-94536","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseam-uae","tag-ma","tag-ma-watch","tag-sidara","tag-wood-group","wpautop","entry"],"acf":{"mongo_id":"7faefc14-806b-4df1-9efe-03334330a170","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1195.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sidara backs out of plans to buy out Wood Group","related_issue":[94529],"teaser":"Sidara previously submitted four acquisition bids for Wood Group","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.d7847e76-d506-443a-9e7d-10422b693969.mp3"},"yoast_head":"\nSidara backs out of plans to buy out Wood Group - 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