Wood Group and Dubai consultancy Sidara have been granted a further extension for talks on a possible takeover of the Aberdeen-based company.
The deadline was due to expire today but the Takeover Panel has now said Sidara has until 15 May to make known whether it will make a formal offer for Wood.
Dar Al-Handasah Consultants Shair and Partners Holdings, trading as Sidara, has made a conditional proposal at 35p per share, valuing Wood at £242 million backed by a capital injection of $450m. The board of Wood has said it is likely to recommend any such offer.
Wood has previously said that in light of extensive work needed to conclude its audit for FY24, it will not publish its year-end accounts by 30 April and its shares will be suspended from trading from that date.
It said further announcements will be made in due course and that shareholders should not take any action in relation to the possible offer.
Shares in Wood were 0.6p (2.75%) higher at 22.34p after the first two hours trading today.
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