It said today: “On 14 April 2025, Wood announced that it had received a holistic non-binding conditional proposal from Sidara, including a possible offer of 35 pence in cash per Wood share to acquire the entire issued and to be issued share capital of the company (the ‘possible offer’), and that, should Sidara make a firm offer for Wood under rule 2.7 of the [Takeover] Code on the terms of the possible offer, the board of Wood would be minded to recommend such an offer to Wood’s shareholders, subject to agreement of full terms and conditions.”
Wood added: “The board of Wood is continuing to work with Sidara in relation to the pre-conditions to the possible offer set out in that announcement. In particular, Wood and Sidara are continuing to engage with Wood’s lenders and noteholders in relation to both the debt modifications and the Sidara liquidity arrangements (as defined in that announcement); and Wood is continuing to work with its auditor towards the publication of Wood’s audited accounts for the financial year ended 31 December 2024.”
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The Aberdeen company said its board had therefore requested, and the Takeover Panel had consented to, an “extension to the date by which Sidara is required either to announce a firm intention to make an offer for Wood in accordance with rule 2.7 of the code or to announce that it does not intend to make an offer”.
It noted this deadline, now 5pm on June 30, “can be further extended with the agreement of the board of Wood and the consent of the panel”.
Wood said: “Further announcements will be made in due course. In the meantime, shareholders are not required to take any action in relation to the possible offer.
“There continues to be no certainty that an offer will be made by Sidara even if the pre-conditions to the possible offer are satisfied or waived.”
