John Wood Group Faces Reduced Takeover Offer Amidst Deadline Extension

John Wood Group PLC (LON:WG) said Tuesday that it is navigating a revised takeover landscape, with Dar Al-Handasah Consultants Shair and Partners Holdings Ltd (Sidara) proposing a reduced offer for the entire issued and to be issued share capital of the Company.

The company revealed that the initial non-binding conditional proposal of 35 pence per share has been adjusted downwards to 30 pence.

The Wood Group board, after evaluating the revised offer with its financial advisors, indicated it would be “minded to recommend” the Reduced Possible Offer to shareholders, assuming a firm intention to make an offer is announced on such financial terms and subject to the agreement of all other terms and conditions. This suggests a willingness to proceed despite the lower valuation.

Progress has been made on key pre-conditions to the Possible Offer, according to WG's release.

Furthermore, commercial alignment has been achieved with Sidara and Wood's lenders regarding the Proposed Refinancing terms, consistent with the announcement made on July 28, 2025.

Documentation of these terms is said to be well underway. Sidara has also completed its due diligence on Wood.

Wood is actively collaborating with its auditor to finalize and publish audited accounts for the financial year ending December 31, 2024.

The Panel on Takeovers and Mergers has granted an extension to the deadline by which Sidara must announce a firm intention to make an offer or withdraw its interest. Sidara now has until 5 pm on August 28, 2025, to make this decision.

This deadline can be further extended with the agreement of the Wood Group board and the Panel's consent.

Eyes On: The market will be closely watching for any further announcements regarding the terms of the offer and the status of the audit. Any deviations from the current expectations could significantly impact investor sentiment.