Wood Group extends 'put-up-or-shut-up' deadline for Sidara bid

(Sharecast News) - John Wood Group announced an extension to the deadline for Sidara to make a firm takeover offer on Thursday, giving the suitor until 1700 BST on 12 June to either confirm its intent or walk away. The London-listed firm said the extension, granted by the Takeover Panel, allowed more time to resolve pre-conditions related to debt arrangements and liquidity funding, and to finalise Wood's audited 2024 accounts.

Sidara's possible all-cash offer of 35p per share was disclosed in April, with Wood's board indicating it would be minded to recommend the bid if terms were agreed.

Discussions were ongoing with lenders, noteholders and auditors as part of that process.

Wood Group warned that there was still no certainty that a formal offer would materialise, with shareholders not required to take any action at this stage.

Reporting by Josh White for Sharecast.com.