Engineering giant Wood Group, one of the largest companies in Scotland, has recently received a takeover bid worth £242m. The offer came from Sidara, an engineering and consultancy firm based in Dubai. Wood, headquartered in Aberdeen, stated that its board of directors would be inclined to suggest accepting the deal. Over the years, Wood Group has expanded from its origins in the North Sea oil industry to become a prominent global engineering contractor with operations in numerous countries and a workforce numbering in the tens of thousands.
This recent takeover proposal follows previous discussions that took place nearly a year ago regarding an offer from Sidara which ultimately fell through, resulting in a drop in Wood’s share price. In February, Wood confirmed that they had resumed talks with the Dubai-based company and the negotiations were prolonged into the following month. The company released a statement on Monday expressing their belief that the potential offer presents a favorable outcome for Wood’s shareholders, creditors, and other stakeholders. The Wood board has conveyed to Sidara that if the terms of the offer are in line with expectations, they would be inclined to recommend it to the shareholders, pending finalization of all terms and conditions
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