Sidara Lowers Bid for UK’s Wood Group to 30p per Share

Dubai-based Sidara has lowered its takeover bid for the Aberdeen-headquartered energy services company Wood Group from 35 pence to 30 pence per share, valuing the deal at approximately £207.6 million. Despite the price reduction, Wood’s board has indicated it would still recommend the offer to shareholders if a formal bid is made. Key conditions for the deal, including alignment with Wood’s lenders on a refinancing package and completion of Sidara’s due diligence, have been met. Wood Group is also progressing with auditors to finalize its delayed 2024 accounts, which is a significant step before the transaction can proceed. The takeover process has been closely watched, especially following a Financial Conduct Authority investigation into Wood's operations and the subsequent delay in publishing its annual results. The UK Takeover Panel has extended Sidara’s deadline to make a firm offer or walk away, signaling substantive progress toward a potential acquisition.