Wood rejects Sidara’s third offer

In a statement published recently on its website, John Wood Group plc announced that on May 21, its board of directors received a third unsolicited, preliminary and conditional proposal from Dar Al-Handasah Consultants Shair and Partners Holdings Ltd ( Sidara) for a cash offer. of GBP 2.20 ($2.81) per Wood share.

The board of directors unanimously rejected the proposal on May 23, the press release revealed.

Wood noted in the statement that the latest offer represents an increase of approximately 3.8 percent over a previous proposal of GBP2.12 ($2.70) per Wood share submitted on May 14. This previous proposal represented an increase of approximately 3.4 percent over an initial GBP proposal. 2.05 ($2.61) per Wood share submitted on April 30, Wood noted.

“The board, together with its financial advisors, carefully considered the third proposal, particularly in the context of its views on Wood’s fundamental prospects, and concluded that it continued to materially undervalue the group and its prospects,” Wood said. in the declaration.

“There can be no certainty either that an offer will be made or the conditions under which an offer might be made. Further announcements will be made as appropriate,” he adds.

“Under Rule 2.6(a) of the Code, Sidara must, no later than 5 p.m. on June 5, 2024, either announce its firm intention to make an offer for the timber in accordance with Rule 2.7 of the Code, or announce that ‘she is doing it. “We do not intend to make an offer, in which case the announcement will be treated as a declaration to which rule 2.8 of the Code applies,” Wood continued.

The company noted in the statement that this deadline may be extended “with the consent of the committee in accordance with rule 2.6(c) of the Code.”

Sidara has made no mention of his latest offer for Wood on his website as of this writing. Rigzone reached out to the company for comment on Wood’s statement, but has yet to receive a response from Sidara as of this writing.

In a statement posted on his site on May 16, Wood revealed that on May 14, Sidara submitted a new cash offer proposal to the board of directors.

“The Board of Directors has carefully reviewed the latest proposal, in conjunction with its financial advisors, and has concluded that it continues to fundamentally undervalue Wood and its future prospects,” Wood noted in that statement.

In a statement published on its website on May 8, Wood confirmed that it had received an unsolicited, preliminary and conditional proposal from Sidara “regarding a possible cash offer to acquire the entire issued and to be issued share capital of Wood”.

“The board of directors carefully reviewed the proposal, in conjunction with its financial advisors, and concluded that it fundamentally undervalued Wood and his future prospects,” Wood said in that statement.

In a statement published on the Sidara website on May 8, the company highlighted the announcement made that day by Wood and confirmed that it had submitted a proposal to the company regarding a possible cash offer to acquire the entire capital issued and to be issued from Wood. .

“This non-binding proposal was rejected by Wood on May 8, 2024 and Sidara is considering next steps,” the company said in the statement.

“Further announcements will be made in due course, if appropriate, but there can be no certainty that an offer will ultimately be made… Sidara reserves the right to change the form and/or combination of consideration of any offer she could finally make. Drink,” he adds.

“Sidara reserves the right to reduce the offer price by the amount of any dividend or other distribution or return of value to shareholders which is paid or becomes payable by Wood to its shareholders after the date of this announcement,” continues -he.

Wood describes itself as a global leader in consulting and engineering. It provides consulting, project and operations solutions in more than 60 countries, employing more than 35,000 people, its website says.

Sidara describes itself as one of the world’s largest planning, design, engineering and project management groups. The company has about 20,000 employees in 60 countries, according to its website.

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