Wood Group takeover talks extended again amid regulatory probe
John Wood Group has again extended the deadline for suitor Sidara to make a concrete takeover offer for the company.
It follows the launch of a City watchdog investigation into Wood Group last week after an independent review unearthed 'cultural failings' with its accounting practices.
The North Sea-focused oilfield services provider told investors on Monday Dubai-based Sidara now has until 5pm on 28 July to put forward a 'put up or shut up' proposal, having originally given the firm until today to do so.
Sidara began a fresh move for Wood Group in February after a previous attempt to acquire the company in a £1.7billion deal last year failed.
However, Wood Group refused to accept the offer after two months of talks, blaming 'rising geopolitical risks and financial market uncertainty'.
Sidara eventually put forward a far lower 35p per share bid in April, which values Wood Group at around £240million.
The offer additionally includes a potential $450million capital injection and Wood Group possibly pursuing an extension or amendment to its current debt facilities.
Wood Group shares have plummeted by approximately 84 per cent over the past year amidst cash flow problems, massive contract write-offs and accounting failures.
In February, the Edinburgh-based firm warned that it expected between $150million and $200million in negative free cash flow this year owing to subdued trading and legacy claims liabilities totalling about $150million.
Its chief financial officer, Arvind Balan, resigned soon afterwards when he admitted to inaccurately describing his professional qualifications.
A month later, Wood Group admitted that its previous financial statement would have to be restated after a Deloitte probe uncovered 'material weaknesses and failures' in the financial culture of its projects business.
Following delays in publishing its 2024 results, the company's shares were suspended from trading on the London Stock Exchange in April.
And just last week, the Financial Conduct Authority (FCA) began its own investigation into Wood Group, which will look at the firm's conduct between January 2023 and November 2024.
Founded as Dar al-Handasah in Lebanon in 1956, Sidara is a network of engineering and design companies employing about 21,500 people with a specialist focus on large-scale building projects.
Wood Group employs 35,000 individuals across more than 60 countries who give consultation, engineering, and management services to the energy and minerals sectors.
Private equity giant Apollo Global Management tried to purchase Wood Group in 2023, making four proposals, including a final offer of 240p per share, before the latter walked away without explanation.
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