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LONDON - Dar Al-Handasah Consultants Shair and Partners Holdings Ltd, known as Sidara, has confirmed that it approached the board of John Wood Group (LON:WG) PLC regarding a potential cash offer for the company’s entire issued share capital. This preliminary approach follows the lifting of restrictions under Rule 2.8 of the City Code on Takeovers and Mergers, which Sidara was subject to after stating on August 5, 2024, that it would not make a firm offer for Wood.
As of today, there is no certainty that Sidara will proceed with an offer or what the terms of any offer might be. In line with the regulatory requirements, Sidara must declare its intentions by 5.00 p.m. (London time) on March 24, 2025, either to confirm a firm intention to make an offer in accordance with Rule 2.7 of the Code or to announce that it will not make an offer. If Sidara chooses not to proceed, the announcement will be subject to Rule 2.8 of the Code.
The Takeover Panel may grant an extension to this deadline under Rule 2.6(c) if requested. The market is watching closely, as further announcements are expected to be made in due course. However, the details of the potential offer remain undisclosed, and the outcome of these preliminary discussions is still uncertain.
This news is based on a press release statement and provides a current view of the potential acquisition without speculating on the eventual outcome or the strategic implications for John Wood Group PLC or the industry.
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