Takeover deadline for Wood Group pushed to August as talks progress

Takeover deadline for Wood Group pushed to August as talks progress

Aberdeen-based energy services firm Wood Group and Dubai consultancy Sidara are nearing a takeover agreement, prompting a further extension of the offer deadline to 25 August.

Wood announced it has reached “commercial alignment on the headline terms” with Sidara. However, the potential deal remains conditional on securing the support of all of Wood’s lenders for a proposed refinancing package.

Talks are ongoing, with Wood stating that the refinancing would likely be implemented via a Scottish scheme of arrangement. This requires approval from a majority in number and 75% by value of the voting lenders. Based on current discussions, the company expects to achieve this threshold.



Sidara, which trades under the name of its parent company Dar Al-Handasah, first approached Wood on 14 April with a possible offer of 35p per share. Wood’s board indicated it would recommend such an offer. However, the final price may be affected by an ongoing investigation into Wood’s accounting by the Financial Conduct Authority, which followed a review by Deloitte. The company continues to work with its auditor on the publication of its 2024 annual accounts.

Separately, Wood has strengthened its board with the appointment of Paul O’Donnell as a non-executive director. A Fellow of Chartered Accountants Ireland, Mr O’Donnell brings extensive experience in M&A and corporate transformation from his time at companies including Blackstone, TalkTalk, and EnerMech.

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