By Ian Walker and Adam Whittaker
John Wood Group agreed to a revised 207.55 million pounds ($280.4 million) takeover offer from Sidara after months of talks, but the deal remains be subject to conditions.
Under the deal, accepting shareholders of the Scottish energy-services company will get 30 pence in cash for each share held, a 63% premium to its closing price of 18.44 pence on April 30, the day before shares were suspended from trading.
As part of the deal, Sidara, an energy services provider which is owned by Dar Al-Handasah Consultants Shair and Partners Holdings, will make a $450 million cash injection into John Wood.
The companies listed a number of conditions that need to be satisfied, or the deal would lapse, they said. They warned that there is no certainty that the conditions will be met.
The deal hinges on John Wood publishing audited accounts on or before Oct. 31, among other conditions.
On Monday, Wood Group said it had been informed by Sidara that it had completed its due diligence on the group and that it would be prepared to buy Wood Group for 30 pence a share. This compares with the 35 pence a share proposal made on April 14 and that Wood had previously said it would recommend.
Sidara first approached Wood Group in April 2024 but pulled out in August the same year, citing global market turmoil and geopolitical risks. The group had tabled four proposals, with the final set to hand shareholders 230 pence per share.
It returned in February this year with a new proposal and the companies have been in talks ever since.
Wood Group shares are currently suspended but have fallen 72% over the year to date.
Write to Ian Walker at ian.walker@wsj.com and Adam Whittaker at adam.whittaker@wsj.com
(END) Dow Jones Newswires
August 29, 2025 10:40 ET (14:40 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.