Wood Group extends takeover PUSU deadline
Update on discussions with Sidara and extension of PUSU deadline
London, March 24, 2025, (Oilandgaspress) ––- On 24 February 2025, Wood announced that it had received an approach from Dar Al-Handasah Consultants Shair and Partners Holdings Ltd (“Sidara”) in relation to a possible cash offer for the entire issued and to be issued share capital of the Company.
Wood subsequently received a non-binding, conditional proposal from Sidara related to a possible cash offer for the Company. Following this, Wood provided Sidara with access to due diligence information and entered into discussions with Sidara.
Discussions are continuing and the Board of Wood has therefore requested, and the Panel has consented to, an extension to the date by which Sidara is required either to announce a firm intention to make an offer for Wood in accordance with Rule 2.7 of the Code or to 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. Such announcement must now be made by not later than 5.00pm on 17 April 2025. This deadline can be further extended with the agreement of the Board of Wood and the consent of the Panel in accordance with Rule 2.6(c) of the Code.
A further announcement will be made in due course. In the meantime, shareholders are not required to take any action in relation to the possible offer.
There can be no certainty that an offer will be made, nor as to the terms on which it will be made.
This announcement is being made with the consent of Sidara.
The person responsible for arranging the release of this announcement on behalf of Wood is John Habgood, Company Secretary.
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