The Board of Wood notes recent speculation and confirms that it received an unsolicited, preliminary and conditional proposal from Dar Al-Handasah Consultants Shair and Partners Holdings ('Sidara'), regarding a possible cash offer to acquire the entire issued and to be issued ordinary share capital of Wood.
The Proposal was received on 30 April 2024 and proposed an offer price of 205 pence per Wood share. The Board carefully considered the Proposal, together with its financial advisers, and concluded that it fundamentally undervalued Wood and its future prospects. Accordingly, the Board rejected the Proposal unanimously on 8 May 2024.
There can be no certainty that any offer will be made for the Company, nor as to the terms of any such offer, should one be made.
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
