Published by Global Banking & Finance Review®
Posted on April 17, 2025
1 min readLast updated: January 24, 2026
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Wood Group has extended Sidara's takeover offer deadline to May 15, with a proposal valued at 242 million pounds. Talks resumed after initial plans were delayed due to geopolitical risks.
(Reuters) - UK's Wood Group on Thursday said it has extended the deadline for a takeover offer by Dubai-based Sidara to May 15 from April 17.
On Monday, the company received a proposal from Sidara comprising a takeover bid worth about 242 million pounds ($320.5 million) and up to $450 million in cash.
Wood Group had said it would be "minded to recommend" a firm offer on such terms to its shareholders, if made.
The British oilfield services and engineering firm rekindled talks for a potential takeover in February, after Sidara shelved its initial plans to buy the group last year, citing rising geopolitical risks and uncertainty in the financial market.
This development marks the second extension Wood Group has granted to Sidara, with the first taking place in March.
($1 = 0.7552 pounds)
(Reporting by Anandita Mehrotra in Bengaluru; Editing by Sonia Cheema)
The main topic is the extension of Sidara's takeover offer deadline by Wood Group to May 15.
Sidara's proposal includes a takeover bid worth about 242 million pounds and up to $450 million in cash.
Initial plans were shelved due to rising geopolitical risks and uncertainty in the financial market.
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