Caesars Entertainment misses Q2 earnings expectations, shares edge lower
LONDON - Wood Group PLC has announced an extension to the deadline for Dar Al-Handasah Consultants Shair and Partners Holdings Ltd (Sidara) to declare a firm intention to make a takeover offer or to state that they will not pursue such action. The new deadline is set for 5:00 pm on 15 May 2025, as agreed upon by Wood’s Board and the Panel, in accordance with Rule 2.6(c) of the City Code on Takeovers and Mergers.
Previously, on 24 March 2025, Wood communicated an extension of the deadline to 17 April 2025. This was followed by a non-binding conditional proposal from Sidara on 14 April 2025, suggesting a possible cash offer of 35 pence per share to acquire the entire issued and to be issued share capital of Wood, which is subject to various pre-conditions.
The company has also indicated that it anticipates a delay in publishing its financial accounts for FY24 beyond the expected date of 30 April 2025. Consequently, Wood’s shares may be suspended from trading as the company works towards finalizing its accounts.
As of now, there is no certainty that Sidara will proceed with a firm offer, even if the pre-conditions are met or waived. Shareholders have been advised that no immediate action is required in response to the potential offer.
The Takeover Panel, which operates under the Code, requires certain disclosures from interested parties holding more than 1% of any class of relevant securities during the offer period. These rules are designed to ensure transparency and fair dealing in the event of a takeover.
This development is part of the ongoing discussions between Wood and Sidara, and further updates will be provided in due course. The announcement was made with the consent of Sidara and is based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.