Talks on a possible takeover of Wood Group have been extended again with a new deadline set for Dubai-based Sidara to decide whether or not to make a formal offer.
The Takeover Panel has agreed that Sidara will be given until by 5pm on 12 June to make its intentions clear.
Aberdeen-based Wood announced on 14 April that it had received a proposed offer of 35 pence in cash per Wood share valuing the company at £242 million as well as $450 million in cash. The board of Wood said it would be minded to recommend such an offer to Wood’s shareholders.
The board is continuing to work with Sidara and is continuing to work with its auditor towards the publication of Wood’s audited accounts for the financial year ended 31 December 2024.
Shares in the company were suspended on 1 May because of the delay to the accounts beyond the required deadline of 30 April, given the timing of the conclusion of the independent review into corporate governance at the company by Deloitte.
The company intends to request a restoration of the listing and trading of its shares once the accounts are published.
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