Dubai-based consultancy Sidara is considering a lower offer Aberdeen-based Wood Group as talks over a takeover edge close to another deadline, it has been claimed.
Wood’s Middle East suitor is looking at cutting the price in view of the probe into the engineering services company by the financial regulator, reports the Financial Times.
The Takeover Panel gave the two companies a further extension until Monday (28th) for Sidara to make an offer or walk away.
On 14 April, Wood announced that it had received a holistic non-binding conditional proposal from Sidara, including a possible offer of 35p in cash per Wood share, valuing the group at £242m.
The board of Wood said at the time it would be “minded to recommend” such an offer to its shareholders.
Wood is working with its auditor towards the publication of its audited accounts for the year ended 31 December 2024.
These have been delayed following publication of a review by Deloitte of its previous accounts and trading in Wood shares remain suspended.
On 27 June the Financial Conduct Authority announced an inquiry into Wood Group following the Deloitte investigation which was announced in November.
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