North Sea engineering group turns down third takeover offer valued at £1.5 billion.
A North Sea engineering group has spurned a new £1.5bn takeover proposal from a Dubai-based competitor, amid a surge in foreign acquisition attempts driven by low valuations on the London Stock Exchange.
John Wood Group has declined a third bid of 220p per share from Sidara, an increase from earlier bids of 212p and 205p this month. The company stated that the latest offer “significantly undervalues the group and its prospects.”
Based in Aberdeen, the company is a significant force in the oil, gas, and renewable energy sectors, and in mining critical minerals such as lithium, essential for achieving net zero emissions. It has a workforce of about 35,000 across 60 countries.
Despite the rejections, the company’s shares have risen 10% since the initial takeover offer was revealed on May 8.
