Wood Extends Deadline for Potential Acquisition Offer
UK consulting and engineering firm Wood has once again extended the deadline by which Dar Al-Handasah Consultants Shair and Partners Holdings, also known as Sidara, must make an offer for Wood or withdraw from the deal.
The non-binding conditional proposal from Sidara is for a possible offer of 35 pence in cash per Wood share to acquire the entire issued and to be issued share capital of the company.
This offer is worth around £242m ($328m) and includes taking on Wood’s outstanding debt of approximately $1.1bn. Sidara would also inject $450m into the UK company in two tranches. The company’s board has recommended that shareholders accept the offer if it comes to pass.
An extension regarding negotiations with Sidara was first made in March, and it was supposed to end on April 17. However, no offer can be made without Wood publicising its audited accounts for the financial year ended December 31, 2024.
Since those results are still being audited, Wood extended the deadline for negotiations an additional three times.
Now, Sidara must make a firm offer for Wood or announce that it does not intend to make an offer by no later than 5 pm British time on June 30. This deadline can be extended further if the audited financials are not published by then.