General – Business
According to Reuters, British oilfield services and engineering firm John Wood Group rejected a potential 1.42 billion pound buyout proposal from Dubai-based firm Sidara on Wednesday, saying it ‘undervalued Wood and its future prospects’.
The cash offer of 205 pence per share, made on April 30, represented a premium of 35.5% to Wood’s closing price before the offer.
This is not the first time Wood has rejected a buyout offer. Last year, U.S.-based Apollo Global Management, abandoned a 240 pence per share bid for Wood after multiple offers were rejected.
Wood, which provides consultation, management of assets and engineering services for the energy and materials sector, operates in more than 60 countries. It has sharpened its focus on its sustainable business, which involves providing solutions for decarbonisation, energy transition, and materials for net-zero strategies.
