Published by Global Banking & Finance Review®
Posted on August 28, 2025
2 min readLast updated: January 22, 2026
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Sidara's takeover bid for Wood Group is extended to August 29 after an FCA probe. The bid value has decreased due to recent investigations.
(Reuters) -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)
The UK takeover panel has extended the deadline for Sidara's takeover bid for Wood Group to August 29.
Sidara reduced its offer from 35 pence to 30 pence per Wood share following a probe into Wood Group's operations by the UK's Financial Conduct Authority.
Wood Group's valuation has significantly decreased from about 1.59 billion pounds in 2023 to around 200 million pounds due to various challenges.
U.S.-based private equity firm Apollo Global Management first expressed interest in acquiring Wood Group in February 2023.
The FCA disclosed a probe into Wood Group after the company initiated an independent accounting review into some contracts and charges last year.
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