Last checked at 
(To clarify the value of the previous Sidara bid).
(Alliance News) - John Wood Group PLC on Monday said it has received an approach from Dar Al-Handasah Consultants Shair & Partners Holdings Ltd, known as Sidara, in relation to a possible offer for the company.
Talks between the two firms broke down last year after Sidara made a series of attempts to buy the Aberdeen-based engineering and consulting business. Sidara's final tilt, priced around 230p per share, valued John Wood at GBP1.58 billion.
In May 2023, John Wood rejected the fifth in a series of bids from Apollo Global Management, with the final approach worth 240p per share, or around GBP1.7 billion.
On Monday, shares in John Wood were 32% higher at 34.96 pence each for a market value of around GBP242 million.
In a brief statement, John Wood advised shareholders to take no action in relation to the proposal.
The Financial Times had earlier reported talks between the two firms were "ongoing".
The FT said Sidara, a privately held network of engineering and design companies run from the UAE, was keen to move quickly to ensure it could retain senior and mid-ranking Wood staff who have been angered by the company’s plight and its decision to cut bonuses.
Sidara has until March 24 to make a firm bid for John Wood.
Earlier this month, John Wood announced further cost cuts, weak trading, a financing review and said it would be free cash flow negative in 2025.
John Wood has been hit by issues surrounding the value of reported positions on contracts in projects, which prompted it to take a number of one-off charges and request Deloitte review the contracts plus the firm's accounting and governance controls.
In addition to cost-saving measures, John Wood is targeting proceeds from disposals in 2025 of USD150 million to USD200 million to offset the negative free cash outflow in 2025 and maintain debt levels at 2024 levels.
Last week, the company said Chief Financial Officer Arvind Balan has resigned with immediate effect, after it emerged that his professional qualifications had been incorrectly described in public statements.
Balan admitted to an "honest oversight" in referring to himself as a chartered accountant rather than a certified practising accountant. He said his decision to step down was intended to "minimise distraction at this very pivotal time with our investors and lenders."
By Jeremy Cutler, Alliance News reporter
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