Wood rejects third Dubai takeover bid

International news
The board of Wood Group has rejected a third takeover offer from Sidara. The latest cash offer of 220p per Wood share represents an increase of approximately 3.8% to the previous proposal of 212p, submitted on 14 May, which was a 3.4% uplift on the original 205p proposal submitted on 30 April.

A stock exchange statement this morning explained that the bid was "carefully considered" in the context of the board's view of Wood's fundamental prospects, concluding that it "continued to significantly undervalue the group and its prospects".

Dar Al-Handasah Consultants Shair and Partners must, by not later than 5 June, announce a firm intention to make an offer for Wood.

Last year, private equity firm Apollo last year made a bid for Wood which was valued at £1.68bn, or 240p per share, but eventually walked away from the process.