Wood Group said on Thursday the UK takeover panel has extended the deadline for a takeover bid by Dubai-based Sidara to August 29.
Earlier this week, Sidara lowered its proposal for the oilfield services and engineering firm following a probe into Wood Group’s operation by the UK’s Financial Conduct Authority.
Wood has been fielding buyout offers since February 2023 when U.S.-based private equity firm Apollo Global Management put forth its interest to buy the firm.
Sidara, which reduced its offer to 30 pence per Wood share from a prior offer of 35 pence has completed its due diligence on Wood, the British company said.
The offers, which once valued Wood Group at about 1.59 billion pounds in 2023, have tumbled down to about 200 million pounds, following a few turbulent year for the British company.
Troubles for the company were compounded after FCA disclosed a probe into the company after it opened an independent accounting review into some contracts and charges last year.
(Reporting by Shanima A and Yamini Kalia in Bengaluru; Editing by Shailesh Kuber)
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