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On 21 May 2024 the Board of Wood received a third unsolicited, preliminary and conditional proposal from Dar Al-Handasah Consultants Shair and Partners Holdings Ltd ('Sidara') for a cash offer of 220 pence per Wood share (the 'Third Proposal'). This represents an increase of approx. 3.8% to the previous proposal of 212 pence per Wood share submitted on 14 May 2024, which was in turn an increase of approx. 3.4% to the initial proposal of 205 pence per Wood share submitted on 30 April 2024.
The Board, together with its financial advisers, carefully considered the Third Proposal, in particular, in the context of the Board's view of the fundamental prospects of Wood, and concluded that it continued to significantly undervalue the Group and its prospects. Accordingly, the Board unanimously rejected the Third Proposal on 23 May 2024.
There can be no certainty either that an offer will be made or as to the terms on which any offer might be made. Further announcements will be made as appropriate.
Any offer for Wood is governed by the Code. Under Rule 2.6(a) of the Code, Sidara must, by not later than 5.00 p.m. on 5 June 2024, either announce a firm intention to make an offer for Wood in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.
The person responsible for arranging the release of this announcement on behalf of Wood is Martin McIntyre, Company Secretary.
This announcement has been made without the consent of Sidara.
Source: Wood