Overview

• Sidara said it intends to make a formal offer at 30p a share, valuing Wood Group at £207.6 million, after completing due diligence.
• Wood’s board, advised by its bankers, said the price is one it would be minded to recommend to shareholders.
• The Takeover Panel deadline for Sidara to make a firm offer or walk away has been extended to 5pm BST on Thursday 28 August.
• Wood continues to work with auditors on delayed accounts and restatements after a Deloitte review identified material weaknesses, and the FCA has opened an investigation.
• Shares remain suspended after a drop of more than 70%, and a takeover could result in the company leaving the London market.