Wood Group Rejects £1.4 Billion Takeover Proposal From Sidara [BNN Bloomberg (Canada)]
JP Morgan Chase & Co. (JPM)
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Source: BNN Bloomberg
London-listed Wood received an unsolicited preliminary proposal of 205 pence per share from Sidara, it said in a regulatory filing Wednesday after Bloomberg News revealed the takeover interest. Wood's board reviewed the proposal with its financial advisers and unanimously rejected the offer, deciding it undervalued the company and its future prospects, it said. The proposal represents a 24% premium to Wood's closing price on Tuesday. Sidara has until June 5 to announce it's making a firm takeover offer or walk away. Shares of Wood jumped as much as 26% on Wednesday, the biggest intraday gain since February 2023. Sidara, formerly known as Dar Group, has been studying a possible deal for Wood as the Scottish firm's stock price continues to decline, people with knowledge of the matter said earlier. Before Wednesday, Wood shares had fallen about 25% over the past 12 months. JPMorgan Chase & Co. and Morgan Stanley are acting as joint financial advisers and corporate brokers to Wood.
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