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Highlights:

  • Wood Group extends Sidara's bid deadline to 28 July 2025
  • Wood and Sidara continue discussions on debt changes and funding arrangements
  • Wood Group’s FY24 accounts still pending; no guarantee offer will materialize

John Wood Group PLC (LSE:WG) commonly known as Wood Group, is a UK-based global consulting and engineering firm focused on energy and materials markets. The company delivers services across a range of sectors, including renewable energy, oil and gas, chemicals, and infrastructure. Headquartered in Aberdeen, Scotland, Wood operates internationally with offices in more than 60 countries. The company is listed on the London Stock Exchange under the ticker WG.

The company has confirmed an extension of the deadline for Sidara to make a firm offer to acquire the company, as discussions between the two parties continue. The potential transaction, initially announced on 14 April 2025, involves a non-binding conditional proposal from Sidara at 35 pence per share in cash, representing an offer to purchase the entire issued and to-be-issued share capital of Wood.

While the Board of Wood previously indicated it would be inclined to recommend the offer should Sidara make a firm bid under Rule 2.7 of the UK Takeover Code, this recommendation remains contingent on the finalisation of detailed terms and satisfaction of certain pre-conditions.

In its latest update, Wood stated that it is working constructively with Sidara to address these conditions. Key areas of focus include:

  • Negotiations with Wood’s lenders and noteholders related to proposed Debt Modifications
  • Arrangements related to Sidara's liquidity, aimed at supporting the possible transaction

Additionally, Wood is continuing to work with its auditor on the publication of its audited financial results for the year ended 31 December 2024. The timing of the accounts release is another critical component of the ongoing process.

Given the need for further time to address these matters, Wood has requested an extension of the "Put Up or Shut Up" (PUSU) deadline, which has been granted by the UK Takeover Panel. Sidara now has until 5:00 p.m. on 28 July 2025 to either announce a firm intention to make an offer under Rule 2.7 or to formally withdraw, in which case it would be bound by Rule 2.8 of the Code, restricting it from making another offer for a set period.

The company emphasized that there is still no certainty an offer will ultimately be made, even if the stated pre-conditions are met or waived. The latest statement from Wood was released with Sidara’s consent, and shareholders are not required to take any action at this stage.

A further update is expected in due course, depending on the outcome of ongoing discussions and the resolution of outstanding issues related to both debt restructuring and audited accounts.