© DC Thomson 
Takeover negotiations between Wood and its pursuer Sidara have been extended again as the Aberdeen firm continues to work towards a deal.
A new deadline has been set for 5pm on 30 June 2025 according to so-called “put up or shut up” (PUSU) rules set by the UK’s Takeover Panel.
However the deadline could be extended again depending on how the bid talks go.
Wood said it asked for the extension as it continues to engage with lenders and bond holders over the deal on the table offered by the Dubai-based firm, particularly its proposed “debt modifications” and “liquidity arrangements”.
Wood said it is also continuing to work with auditors to publish financial accounts for 2024. It’s failure to do so in April caused trading in its shares on the London Stock Exchange to be suspended.
Sidara, formerly known as Dar Group, made an offer for Wood on 14 April worth 35p per share, or around £240 million.
Wood says it continues to recommend the deal to its shareholders.
This was far below the £1.5 billion on the table in August 2024, which foundered when Sidara walked away.
The announcement today is the fourth PUSU extension in takeover talks since Wood first revealed Sidara made a preliminary approach in February, with the terms of the £240m “wholistic non-binding conditional proposal” confirmed in April.
More to follow.
