Scotland-based engineering and consulting business John Wood Group is considering a lower takeover offer from Dubai-based engineering group Sidara after the FCA launched an investigation into Wood in June.
Wood first received a proposal from Sidara on 14 April, offering 35 pence in cash per Wood share to acquire the entire issued and to be issued share capital of the company.
Subsequently, the FCA confirmed an investigation into Wood on 27 June following an independent review.
On 23 August, Sidara wrote to Wood’s board confirming its commitment to its offer once the remaining pre-conditions have been satisfied but caveating that any offer would be at a reduced price of 30 pence in cash per Wood share in light of findings from its due diligence.
Having evaluated the offer, Wood’s board has said it is likely to recommend shareholders vote in favour of the takeover.
However, the board added: “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.”
