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LONDON - Wood Group PLC announced Thursday that Dar Al-Handasah Consultants Shair and Partners Holdings Ltd (Sidara) has reduced its potential takeover offer from 35 pence to 30 pence per share in cash.
The revised proposal comes after Sidara completed its due diligence on the engineering and consulting company. Despite the price reduction, Wood Group’s board stated it would be "minded to recommend" the offer to shareholders if a firm bid materializes.
According to the announcement, significant progress has been made on the pre-conditions for the potential deal. Commercial alignment has been reached with Wood’s lenders on refinancing terms, with documentation at "near final stage." The company continues to work with its auditor on publishing its audited accounts for the financial year ended December 31, 2024.
Sidara initially approached Wood Group with a non-binding proposal on April 14, 2025, and has now confirmed its commitment to making an offer once remaining pre-conditions are satisfied.
The deadline for Sidara to announce a firm intention to make an offer or to withdraw has been extended to 5:00 pm on Friday, August 29, 2025, with the Panel on Takeovers and Mergers’ consent.
Wood Group emphasized there remains no certainty that an offer will be made even if pre-conditions are satisfied or waived. Shareholders are not required to take any action at this time.
The announcement comes amid ongoing discussions between the two companies, with Wood noting that Sidara has now completed its due diligence process.
This article is based on a press release statement from Wood Group.
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