John Wood Group Rejects 220p/shr Cash Bid From Dar Al-Handasah Consultants Shair

(RTTNews) - Engineering and consulting firm John Wood Group Plc. (WDGJF.PK, WG.L) rejected a third proposal from Dar Al-Handasah Consultants Shair and Partners Holdings Ltd for a cash offer of 220 pence per Wood share saying that the offer still significantly undervalued the company and its potential.

The offer price represented a 3.8% increase from the previous offer of 212 pence per share on May 14, 2024, which itself was a 3.4% increase from the initial proposal of 205 pence per share on April 30, 2024.

As per the U.K. rule, Sidara must, by not later than 5.00 p.m. on 5 June 2024, either announce a firm intention to make an offer for Wood or announce that it does not intend to make an offer. The deadline can be extended with the consent of the Panel.