FTSE 250-listed Wood, which provides oilfield and engineering services, saw its shares tumble 80% over the past year, giving it a stock market value of just over £200 million – significantly lower than the £1.6 billion approach made by Sidara last year.
Sidara’s decision to abandon a deal last summer sent Wood Group’s shares plunging, dealing a blow to investors who have suffered a languishing share price and a number of failed takeover attempts for the company.
Sidara walked away from a deal last August, blaming global market turmoil and geopolitical risks, having put forward four takeover proposals – the latter valuing Wood Group at around £1.56 billion.
Aberdeen-headquartered Wood Group said it had received an approach from Sidara, sending Wood’s beleaguered shares rebounding by more than 33% in afternoon trading on Monday.
Troubled engineering firm John Wood Group confirmed that Dubai-based suitor Sidara has returned for a second takeover tilt less than a year after walking away from a deal.
