Latest news with #JohnWoodGroup
Yahoo
14-04-2025
- Business
- Yahoo
Huge Scottish engineering firm receives £242m takeover offer from UAE group
TROUBLED Scottish engineering firm John Wood Group has received a fresh takeover bid from Dubai-based suitor Sidara. Aberdeen-headquartered Wood Group said Sidara – a privately held network of engineering and design companies run from the United Arab Emirates – has now put forward a non-binding conditional offer of 35p per share to buy Wood. The offer, which would also include a potential 450 million dollar (£342 million) cash injection into Wood, would value the company at around £242 million. It comes almost a year after talks around a previous £1.56 billion takeover approach from Sidara collapsed. READ MORE: However, the firm's share value has tumbled in the months since, particularly after recent updates highlighted potential governance failings and need for Wood to restate its accounts. The Scottish firm's bosses said they would 'be minded to recommend' the latest takeover deal. Wood said it has continued to assess other potential refinancing options alongside holding talks with Sidara regarding the potential takeover. In February, Wood confirmed it had restarted takeover talks with its UAE-based rival, before extending discussions last month. On Monday, the company said: 'The board of Wood believes that the company needs to have a more sustainable capital structure, and this requires substantial new capital in order to diversify Wood's financing sources and reduce its indebtedness over time. 'Work continues on a range of alternative refinancing options. 'However, having carefully considered the viability of these options together with its financial advisers, the board of Wood currently believes that the possible offer represents the better option for Wood's shareholders, creditors and other stakeholders.'
Yahoo
14-04-2025
- Business
- Yahoo
Wood Group receives £242m takeover offer from UAE's Sidara
Troubled engineering firm John Wood Group has received a fresh takeover bid from Dubai-based suitor Sidara. Aberdeen-headquartered Wood Group said Sidara – a privately held network of engineering and design companies run from the United Arab Emirates – has now put forward a non-binding conditional offer of 35p per share to buy Wood. The offer, which would also include a potential 450 million dollar (£342 million) cash injection into Wood, would value the company at around £242 million. It comes almost a year after talks around a previous £1.56 billion takeover approach from Sidara collapsed. However, the firm's share value has tumbled in the months since, particularly after recent updates highlighted potential governance failings and need for Wood to restate its accounts. The Scottish firm's bosses said they would 'be minded to recommend' the latest takeover deal. Wood said it has continued to assess other potential refinancing options alongside holding talks with Sidara regarding the potential takeover. In February, Wood confirmed it had restarted takeover talks with its UAE-based rival, before extending discussions last month. On Monday, the company said: 'The board of Wood believes that the company needs to have a more sustainable capital structure, and this requires substantial new capital in order to diversify Wood's financing sources and reduce its indebtedness over time. 'Work continues on a range of alternative refinancing options. 'However, having carefully considered the viability of these options together with its financial advisers, the board of Wood currently believes that the possible offer represents the better option for Wood's shareholders, creditors and other stakeholders.'
The Independent
14-04-2025
- Business
- The Independent
Wood Group receives £242m takeover offer from UAE's Sidara
Troubled engineering firm John Wood Group has received a fresh takeover bid from Dubai-based suitor Sidara. Aberdeen-headquartered Wood Group said Sidara – a privately held network of engineering and design companies run from the United Arab Emirates – has now put forward a non-binding conditional offer of 35p per share to buy Wood. The offer, which would also include a potential 450 million dollar (£342 million) cash injection into Wood, would value the company at around £242 million. It comes almost a year after talks around a previous £1.56 billion takeover approach from Sidara collapsed. However, the firm's share value has tumbled in the months since, particularly after recent updates highlighted potential governance failings and need for Wood to restate its accounts. The Scottish firm's bosses said they would 'be minded to recommend' the latest takeover deal. Wood said it has continued to assess other potential refinancing options alongside holding talks with Sidara regarding the potential takeover. In February, Wood confirmed it had restarted takeover talks with its UAE-based rival, before extending discussions last month. On Monday, the company said: 'The board of Wood believes that the company needs to have a more sustainable capital structure, and this requires substantial new capital in order to diversify Wood's financing sources and reduce its indebtedness over time. ' Work continues on a range of alternative refinancing options. 'However, having carefully considered the viability of these options together with its financial advisers, the board of Wood currently believes that the possible offer represents the better option for Wood's shareholders, creditors and other stakeholders.'
Bloomberg
24-03-2025
- Business
- Bloomberg
Wood Group Extends Takeover Talks With UAE Suitor Sidara
Troubled engineering firm John Wood Group has given its Dubai-based suitor Sidara more time to come up with a firm offer. Aberdeen-headquartered Wood Group said Sidara - a privately held network of engineering and design companies run from the United Arab Emirates - now has until April 17 to make an offer or walk away under City takeover rules.
The Independent
24-03-2025
- Business
- The Independent
Wood Group extends takeover talks with UAE suitor Sidara
Troubled engineering firm John Wood Group has given its Dubai-based suitor Sidara more time to come up with a firm offer. Aberdeen-headquartered Wood Group said Sidara – a privately held network of engineering and design companies run from the United Arab Emirates – now has until April 17 to make an offer or walk away under City takeover rules. The previous so-called 'put up or shut up' deadline had been set for after market close on Monday. It follows Wood Group's confirmation last month that Sidara had returned for a second takeover tilt less than a year after walking away from a deal. Sidara abandoned a deal last August, blaming global market turmoil and geopolitical risks, having put forward four takeover proposals – the last valuing Wood Group at around £1.56 billion. It is understood to have made the fresh approach due to Wood's recent heavy share price falls. Shares in Wood Group, which have been given a small boost on news of takeover interest, lifted 5% in Monday morning trading on hopes a deal remains on the cards. Sidara's decision to abandon a deal last summer sent Wood Group's shares plunging, dealing a blow to investors who have suffered a languishing share price and a number of failed takeover attempts for the company. FTSE 250-listed Wood Group, which provides oilfield and engineering services, saw its shares tumble 80% over the past year, giving it a stock market value of just over £200 million before the latest bid interest – significantly lower than the £1.6 billion approach made by Sidara last year. Its stock market woes have been compounded by concerns over the financial and governance culture within its project arm following a recent independent review, as well as heavy debts. In another unfortunate twist, Wood Group's chief financial officer Arvind Balan resigned in February after admitting making an inaccurate claim about a chartered accountant qualification. Wood Group is waiting for the results of the review by Deloitte, as well as the sign-off of its 2024 accounts. Bid interest from Sidara comes after a failed private equity attempt to take over Wood Group in 2023. Apollo made an approach worth £1.68 billion, or 240p per share, to buy Wood Group after four previous approaches were rejected, but eventually abandoned plans to make a firm offer. Wood Group provides consultation, management and engineering services for the oil and mining sector, with operations in more than 60 countries. However, it has focused more heavily on its sustainable business recently, helping companies with decarbonisation and the energy transition.
