UK’s Wood Group to discuss with Sidara on possible takeover proposal

(Reuters) -UK’s John Wood Group said on Wednesday its board would discuss with Sidara on a sweetened takeover proposal and grant the Dubai-based engineering and consulting firm access to due diligence materials.

Shares in Wood rose nearly 10% in early trade to 205 pence on Thursday.

Last week, Sidara raised its proposed takeover offer for the British oilfield services and engineering firm for the third time, saying that the cash offer of 230 pence apiece was its “final offer”.

The UK’s Takeover Panel has granted Sidara until July 3 to either announce a firm intention to make an offer for Wood or walk away under the “put up or shut up” (PUSU) UK takeover rules, Wood Group said on Wednesday.

Sidara, whose previous offers were rejected by Wood over concerns related to valuation and future prospects, said last week the London-listed company had not engaged with it since its first approach was made.

(Reporting by Aatrayee Chatterjee and Shanima A in Bengaluru; Editing by Shounak Dasgupta and Tomasz Janowski)