Engineering firm John Wood Group said it has turned down a £1.42 billion buyout offer by Dubai-based rival Sidara on Wednesday ...
ENGINEERING firm John Wood Group said it has turned down a £1.42 billion buyout offer by Dubai-based rival Sidara on Wednesday.
Earlier in the morning, a report that Sidara was weighing a bid, first reported by Bloomberg, sent John Wood Group shares soaring by as much as 26%.Shares in the Scottish company, which has its headquarters in Aberdeen, were trading 15% up in the afternoon after the response.They said: “The board carefully considered the proposal, together with its financial advisers, and concluded that it fundamentally undervalued Wood and its future prospects.
It comes after hedge fund and activist shareholder Sparta Capital Management urged the engineering giant to consider selling itself in a letter last month.
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