(Sharecast News) - Shares in Wood Group plunged by more than a third on Monday as US private equity firm Apollo Global pulled plans to make a takeover offer for the UK oil industry engineer.
Apollo had made five approaches for the company and had to table a firm bid or walk away by May 17.
In response, the Wood board said it remained confident in its strategic direction and long-term prospects and believes that, "following a transformative year in 2022, including new executive leadership and a new strategy" the company was "well placed to deliver substantial value for shareholders".
Apollo had made a fifth cash bid for the Wood Group of 240p per share on April 4. Wood's board rejected the bid, saying it undervalued the group.
Reporting by Frank Prenesti for Sharecast.com
Wood Group (J) (WG.)