Wood has given another extension to Sidara as discussions on a potential takeover deal “remain ongoing”.
The Aberdeen-headquartered business granted Sidara access to due diligence materials in June as it mulled the final offer, which valued the firm at around £1.6bn.
Sidara, also known as Dar Al-Handasah Consultants Shair and Partners, had until July 31 to give a final offer under takeover rules.
A stock exchange update confirmed the Wood board has requested – and the Takeover Panel has consented to – an extension to the date.
Sidara now has until close of play on August 9 to announce a firm intention to make an offer, or to announce that it does not intend to make an offer.
Wood said: “This deadline can be further extended by the board of Wood, with the consent of the Takeover Panel.”
Sidara proposals & bid history
This is the second time the takeover bid deadline has been pushed back by Wood.
Sidara had until 5pm on July 5 to confirm its “‘final offer” in a previous bid to acquire Wood at 230p per share, but the Wood board and the independent Takeover Panel agreed to an extension until July 31.
Wood shared today: “There can be no certainty that an offer will be made. Further announcements will be made as appropriate.”
Sidara’s initial approach on April 30 was worth 205p per share.
It followed that up on May 14 with a proposal worth 212p per share.
Then, on May 24, it said it was willing to pay 220p for each unit of stock.
The Middle East firm upped the stakes on May 29, proposing 2.3op per share.
On Thursday morning, Wood’s share price was 203p.
Wood recruitment
Wood is one of the north-east’s biggest employers. Its global headcount totals more than 35,000 people, including about 4,500 in Aberdeen.
Earlier this year the company revealed pre-tax losses from continuing operations totalled £49.6 million during 2023, compared with losses of about £547m in 2022.
Revenue was 8.7% higher in the latest period, at £4.67bn.
The firm also said it was recruiting for 200 new jobs in Aberdeen and 500 UK-wide.
And at the start of this month it announced plans to create 40 new roles in a Granite City-led project to help French energy giant TotalEnergies reduce its carbon footprint.
Beirut-headquartered Sidara describes itself as “one of the world’s leading consultancies providing design, planning, engineering, sustainability consulting, digital solutions and services, and project management for buildings, cities, transportation, civil infrastructure, water and the environment”.
