Charter Communications earnings missed by $0.40, revenue was in line with estimates
LONDON - John Wood Group (LON:WG) PLC (Wood) has been granted an extension on the deadline for Sidara to declare a firm intention to make a takeover offer. The new deadline is now set for 5:00 pm on June 12, 2025, as per the announcement made by the company today.
Previously, on April 14, 2025, Wood disclosed receiving a non-binding conditional proposal from Sidara, including a potential cash offer of 35 pence per share, which could lead to the acquisition of all issued and to be issued share capital of Wood. The Board of Wood indicated that it would be inclined to recommend the offer to its shareholders, subject to the finalization of terms and conditions.
The extension was requested by Wood’s Board as it continues to engage with Sidara on pre-conditions related to the offer, particularly the Debt Modifications and Sidara Liquidity Arrangements. Additionally, Wood is working towards publishing its audited accounts for the fiscal year ended December 31, 2024.
This delay allows further negotiations and preparations, although it does not guarantee that Sidara will ultimately make a firm offer. The London Stock Exchange (LON:LSEG)’s Takeover Panel, which oversees mergers and acquisitions, has consented to this extension under Rule 2.6(c) of the City Code on Takeovers and Mergers.
Wood’s shareholders have been advised that no action is required from them at this stage. The company will make further announcements as the situation evolves. It is important to note that there is no certainty that Sidara will proceed with an offer even if the pre-conditions are met or waived.
John Habgood, Company Secretary of Wood, is responsible for arranging the release of this information. The announcement reiterates that the company’s actions are in compliance with the regulations of the City Code on Takeovers and Mergers and is made with the consent of Sidara.
Investors and market watchers will be closely monitoring the developments leading up to the new deadline, assessing the potential impact of this corporate action on Wood’s stock and the broader market. This information is based on a press release statement from Wood Group.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.