Wood Group rejects fourth consecutive Apollo offer
Wood Group has rejected a fourth cash offer from Apollo Global Management to acquire the entire share capital of Wood.
This follows after on 22 February Wood Group announced that it had rejected three unsolicited proposals from Apollo Global Management. Aberdeen-based Wood Group revealed on Monday that it has rejected the fourth proposed cash offer from Apollo but will continue to engage with the suitor on a “limited basis”.
The latest offer valued Wood shares at 237p per share, but the board believes it continues to undervalue the group. There is no certainty that any further offer will be made or the terms of any offer. Apollo must declare its intentions by 22 March under the Takeover Code.