The bid 'fundamentally' undervalues Wood (Il Sole 24 Ore Radiocor) - London, 08 May - The UK engineering company John Wood Group said that its board rejected a 205 pence per share offer from the Dubai firm Sidara.

"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," the company said.

Under UK rules, Sidara must decided by 5.00 pm London time on June 5 whether to make an offer for Wood.

AAA-Web

(RADIOCOR) 08-05-24 14:17:39 (0432) 5 NNNN