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Member News17th Apr 2023

Wood grants Apollo access to due diligence materials

The board of engineering firm Wood has decided to grant bidder Apollo Management Holdings access to due diligence materials in the wake of shareholder feedback, it said April 17.

The decision follows the investment company’s fifth and final bid of £2.40/share in cash for the entire capital, subject to pre-conditions, including satisfactory completion of due diligence. This might lead to an offer on better or less favourable terms.

Apollo has told Wood that it values its skills and capabilities and believes the company is well positioned in its markets and at the forefront of the energy transition and industrial decarbonisation.

Under the City Code on Takeovers and mergers, Apollo is required either to announce a firm intention to make an offer or to announce that it does not intend to make an offer by not later than 5.00 pm on May 17. This deadline can be further extended by Wood, with the consent of the Takeover Panel.