The takeover panel has granted Sidara until 5 pm on 12 June 2025 to announce a firm intention to make an offer or to walk away.

The extension was requested by Wood Group’s board to allow further time to resolve pre-conditions linked to debt arrangements and liquidity funding, and to finalise the company’s audited accounts for the financial year ended 31 December 2024.

Wood Group announced on 14 April 2025 that it had received a non-binding conditional proposal from Sidara. The potential all-cash offer stands at 35 pence per Wood share, valuing the company at approximately £242 million, alongside an injection of $450m (c. £338m) in cash.

The board of Wood Group has previously indicated it would be minded to recommend such an offer to its shareholders if terms were agreed.

Trading of Wood Group’s shares on the London Stock Exchange has been temporarily suspended since 1 May 2025. This followed the company’s announcement that it would not meet the 30 April deadline for the publication of its 2024 financial results, partly due to the timing of an independent review into corporate governance at the company by Deloitte.

Wood Group intends to request the restoration of its listing and share trading once these audited accounts are published.