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Sidara offers 35 pence per share ahead of April 17 deadline
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Proposal also includes up to $450 million in cash
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Wood Group "minded to recommend" any formal offer on such terms
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Shares rise more than 25%
April 14 (Reuters) - British oilfield services and engineering company Wood Group has received a proposal from Dubai's Sidara comprising a takeover bid worth about 242 million pounds ($318.4 million) and up to $450 million in cash, it said on Monday, boosting its shares.
Wood Group said Sidara's conditional proposal includes 35 pence each in cash for its shares plus a further $250 million on shareholder approval, with the remainder to follow later on completion of the offer.
Sidara's proposal is just before an April 17 deadline for the Dubai-based engineering and consulting firm to make a formal bid after the parties resumed deal discussions in February.
The British company said it would be "minded to recommend" a firm offer on such terms to its shareholders, if made.
Wood Group shares rose 28% by 0712 GMT to nearly 32 pence, still under the offer price and much lower than their 2013 high of 927 pence.
Sidara dropped its initial plans to buy the group last year, citing rising geopolitical risks and uncertainty in the financial market. Wood has also rejected multiple previous bids from Sidara.
The climate for deals has been made more uncertain by the turmoil in financial markets and fears of a recession sparked by U.S. President Donald Trump's tariffs.
Wood Group said on Monday it continued to assess refinancing options after in February saying it faced another year of negative cash flow.
"Having carefully considered the viability of these options together with its financial advisers, the board of Wood currently believes that the possible offer represents the better option," the company said in a statement.
Following a turbulent few years - with pressure from activist investors to pursue a sale and failed takeover attempts - Wood Group last month said it had identified issues within its projects unit following an independent review.
It also said on Monday it sought an extension of its debt facilities, and that Sidara had made "significant progress" with its due diligence.
