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Wood rejects third offer

24 May 2024

Engineering firm Wood has rejected a third conditional bid, submitted from Dar Al-Handasah Consultants Shair and Partners Holdings (Sidara) on May 23, it said in a stock exchange statement May 24. The bid significantly undervalued the Group and its prospects, it said. Accordingly, the Board unanimously rejected it May 23.

The bid, at 220 pence/share, was about 3.8% higher than the previous proposal of 212 p on May 14 which was about 3.4% higher than the first offer of April 30.

Sidara has until June 5 either to announce a firm intention to make an offer for Wood or announce that it does not intend to make an offer. But the deadline can be extended.

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