Dubai-based Sidara has informed John Wood Group, the troubled Aberdeen-based global engineering and consulting giant, that it is committed to making an offer to acquire Wood “once the remaining pre-conditions have been satisfied.”
However, Sidara said that, having completed its due diligence, any offer would be at a reduced price of 30p per Wood share in cash, and not 35p per share. Such an offer would value Wood around £207 million.
Sidara now has until August 28 to make a firm takeover offer for Wood.
The Aberdeen firm said it has evaluated the reduced possible offer with its financial advisers and concluded that “it is at a value that the board would be minded to recommend to Wood shareholders.”
Wood Group, one of Scotland’s biggest companies, employs more than 35,000 people in 60 countries.
On April 14, Wood had received a “holistic non-binding” conditional takeover proposal from Sidara worth about £242 million or 35p per share in cash. Wood said it would be minded to recommend such an offer to its shareholders, subject to agreement of full terms and conditions.
Last year, Wood rejected a cash takeover proposal from Sidara worth about £1.4 billion or £2.05 per share, before the Aberdeen firm became engulfed in problems.
On April 30 this year Wood said its shares would be suspended from listing and from trading on the main market of the London Stock Exchange with effect from 7.30am on May 1, 2025, until its 2024 results were published.
Wood Group shares had fallen almost 90% in 12 months amid an independent review by Deloitte following “exceptional contract write-offs” and a “difficult” trading update for the year ended December 31, 2024.
The Aberdeen firm said it is continuing to work with its auditor on publication of its 2024 accounts.
The UK’s Financial Conduct Authority (FCA) has commenced an investigation into Wood covering the period from January 1, 2023, to November 7, 2024.
On Monday, Wood said:”On Saturday 23 August 2025, Sidara informed the Board of Wood in writing that it is committed to making an offer to acquire the entire issued and to be issued share capital of Wood, once the remaining pre-conditions have been satisfied, but that, having completed its due diligence, any offer would be at a reduced price of 30 pence in cash per Wood share (the ‘Reduced Possible Offer’).
“The Board has evaluated the Reduced Possible Offer with its financial advisers and concluded that it is at a value that the Board would be minded to recommend to Wood shareholders, should a firm intention to make an offer pursuant to Rule 2.7 of the Code be announced on such financial terms, subject to the agreement of all other terms and conditions of an offer.
“The Board of Wood has therefore requested, and the Panel has consented to, an extension to the date by which Sidara is required either to announce a firm intention to make an offer for Wood in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement would be treated as a statement to which Rule 2.8 of the Code applies.
“Such announcement must now be made by not later than 5.00pm on 28 August 2025. This deadline can be further extended with the agreement of the Board of Wood and the consent of the Panel in accordance with Rule 2.6(c) of the Code.
“Further announcements will be made in due course. In the meantime, shareholders are not required to take any action in relation to the Possible Offer.
“There continues to be no certainty that an offer will be made by Sidara even if the pre-conditions to the Possible Offer are satisfied or waived. This announcement is being made with the consent of Sidara.”