Sidara

Aberdeen-headquartered Wood Group has received a takeover offer for 35p per share or £242 million from Sidara, a Dubai-based engineering and consultancy firm.   

Aberdeen-headquartered engineering services firm Wood Group has granted Dubai-based Sidara an extension to the deadline for a potential takeover bid.

Shares in Aberdeen-based energy services firm Wood Group experienced a significant surge after confirming a renewed takeover approach from Dubai's Sidara.

Aberdeen company John Wood Group saw its share prices plummet as Dubai-based potential buyer Sidara abandoned a takeover deal. The Dubai-based engineer Dar Al-Handasah, known as Sidara, had been pursuing the firm for several months.

Sidara's deadline to make a formal takeover offer or withdraw its bid for Wood Plc has been extended until the end of the month.

Shares in the Aberdeen-based Wood Group rose by more than 3% yesterday after the firm moved closer to a potential £1.6 billion take over. Following the Sidara's fourth and final offer of 230 pence per share, Wood's board said it has "decided to engage with Sidara to determine if a firm offer c

Dubai-based engineering firm Sidara has made a fourth and "final" takeover bid for Aberdeen-headquartered Wood Group.

Aberdeen-based engineering firm Wood Group has rejected a third takeover bid from Dubai-based Sidara.