Sidara had previously walked away from a deal last August, citing global market instability and geopolitical risks, after proposing four takeover bids – the last of which valued Wood Group at around £1.56bn.
The decision by Sidara to pull out of the deal last summer resulted in a sharp fall in Wood Group's shares, further disappointing investors who have already endured a languishing share price and multiple failed takeover attempts.
The FTSE 250-listed Wood, which offers oilfield and engineering services, saw its shares plummet 80% over the past year, reducing its stock market value to just over £200m – a stark contrast to the £1.6bn bid made by Sidara last year.
John Wood Group, the beleaguered engineering firm, has confirmed that Dubai-based suitor Sidara is making a second attempt at a takeover, less than a year after abandoning a previous deal.
In another blow, Wood Group's chief financial officer Arvind Balan resigned last week after admitting to making a false claim about a chartered accountant qualification.
