© DC Thomson Wood has agreed to extend negotiations in an attempted takeover bid from Middle Eastern rival Sidara – the fifth time it has done so.
Under the previous extension, Sidara had until 30 June to make a firm offer for the Aberdeen-based company, according to so-called “put up or shut up” (PUSU) rules set by the UK’s Takeover Panel.
That deadline has now been pushed back until 28 July, with additional extensions possible after that, for Sidara to make its final bid or walk away from the deal.
According to a statement, Wood’s board is continuing to work with Sidara on the pre-conditions for an offer, including working with Wood’s lenders and noteholders.
The takeover bid meant that Wood was unable to publish its audited accounts for the financial year ended 31 December 2024.
Trading in its share was also suspended from the London Stock Exchange due to “extensive work needed” to complete an audit of its accounts for financial year 2024.
Wood will need to publish its results in order to restart trading.
Sidara, formerly known as Dar Group, restarted stalled takeover talks in April this year, making a non-binding conditional offer worth 35p per share, or around £240 million. Wood said recommended the deal to its shareholders, with Sidara now needing to confirm its bid.
However, when the company originally approached Wood in 2024, it offered over 200p per share, valuing the company at £1.5 billion.
Sidara walked away from the takeover attempt last year.
The most recent deadline extension comes as Wood is being investigated by the Financial Conduct Authority (FCA) across the period from the start of 2023 to November 2024.
The company’s share price collapsed after the firm decided to write off contracts acquired in its £2.2 billion takeover of Amec Foster Wheeler in 2017, which are still impacting the firm’s bottom line.
