The US private equity firm’s all-cash offer stands at 240p per share, an increase from the previous proposal of 237p. This latest bid values the company at approximately £1.7 billion, a 59% premium to its closing share price on 21 February, and a 20% premium to Apollo’s initial 200p-per-share offer in January.

Apollo has expressed eagerness to collaborate with Wood’s board in order to finalise the terms of a recommended transaction for the shareholders.

Although the board of the Aberdeen-based company has previously stated that Apollo’s proposals undervalued the firm, they acknowledged the recent announcement and expressed their intention to continue engaging with shareholders. Apollo faces a 19 April deadline to finalise its intentions.

Wood’s CEO, Ken Gilmartin, admitted last month that the company had underperformed, reporting a pre-tax operating loss of $568 million. He attributed this to a range of company-specific issues, including poor project selection, excessive restructuring, and legacy issues from the 2017 acquisition of Amec Foster Wheeler.

The shares opened at 216p today giving the company a £1.48 billion valuation, still below the proposed bid price, which may indicate investors’ doubts about the deal’s progress.