Latest news with #JohnWoodGroup
Daily Mail
2 days ago
- Business
- Daily Mail
Wood Group moves closer to Sidara takeover which would see it delist from London
John Wood Group has further extended the deadline for potential buyer Sidara to make a firm takeover offer for the company. Sidara has until 5pm on 25 August to make a concrete offer, or to announce that it doesn't intend to do so. The North Sea-focused oilfield services provider, which employers some 35,000 people across 60 countries, had already extended the deadline several times, with Sidara previously having until 28 July to make an offer. In April, Wood Group said it 'would be minded' to recommend Sidara's conditional proposal to pay £242million, or 35 pence per share, for the company if Sidara makes a firm offer. The deal would include a $450million capital injection for the Aberdeen-based firm. It would also mark another big delisting from the London Stock Exchange. The firm said there is commercial alignment on the headline terms of refinancing between Sidara and Wood's lenders. It added that the proposed refinancing is conditional on Sidara making an offer, and that offer being approved by shareholders. Debt facilities would be extended to October 2028 under the deal. Sidara is considering cutting its takeover offer price as a result of the financial regulator's investigation into the firm withholding information from its auditors, the Financial Times reported. The Dubai-based firm previously attempted to acquire Wood Group in May 2024 for 205 pence per share, which Wood Group rejected. It later offered £1.58billion, or 230 pence per share, before pulling out of deal in August last year due to 'rising geopolitical risks and financial market uncertainty'. Sidara relaunched efforts to acquire Wood Group in February. Private equity giant Apollo Global Management tried to purchase the firm in 2023, making four proposals, including a final offer of 240p per share, before the Wood Group walked away without explanation. Last month the Financial Conduct Authority launched a probe into Wood Group covering early 2023 up to November last year. In an independent review, Deloitte found 'material weaknesses and failures' in the financial culture of its projects business. Deloitte added: 'The cultural failings appear to have led to instances of information being inappropriately withheld from, and unreliable information being provided to, Wood's auditors.' Wood Group shares remain suspended due to delays in publishing its full year results, the firm dropped out of the FTSE 250 in March. 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.
Bloomberg
28-06-2025
- Business
- Bloomberg
Wood Group Told of UK's FCA Investigation Into Company
John Wood Group Plc, the UK energy-services firm, said the country's Financial Conduct Authority began an investigation into the company spanning a 22-month period. The Scottish firm said in a statement on Friday that the probe covers the period from Jan. 1, 2023 to Nov. 7, 2024.
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.'
