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(Alliance News) - Sidara on Wednesday said it is "considering its next steps" after John Wood Group PLC rejected a takeover approach.
Shares in John Wood, the Aberdeen, Scotland-based consulting and engineering company, closed up 13% at 186.61 pence in London on Wednesday. It has a market value of around GBP1.30 billion.
Sidara is the trading name of Dar Al-Handasah Consultants Shair and Partners Holdings Ltd, a planning, design, engineering and project management firm, founded in Beirut, with more than 300 offices in 60 countries.
Sidara said further announcements will be made in due course, but there can be no certainty that an offer will ultimately be made.
Earlier Wednesday, John Wood said it had received an "unsolicited, preliminary and conditional" proposal from Sidara, regarding a possible cash offer.
The proposal, received last Tuesday, valued each John Wood share at 205p each.
John Wood concluded that it "fundamentally undervalued Wood and its future prospects," and rejected the proposal unanimously on Wednesday.
Sidara has until June 5 to either announce a firm intention to make an offer for Wood or withdraw its approach.
It is the latest attempt to win over John Wood.
In May 2023, Apollo Management Holdings LP admitted defeat in its long-running pursuit of the company.
Apollo, a private equity firm owned by Apollo Global Management Inc, a New York-headquartered asset management firm, made five attempts to secure John Wood's backing for a takeover.
The final approach was pitched at 240p per John Wood share, 17% above Sidara's proposal. Apollo initially offered 200p per share.
By Jeremy Cutler, Alliance News reporter
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