John Wood Group PLC - Aberdeen, Scotland-based energy sector-focused engineering and consulting business - Notes announcement by Apollo Management Holding LP of a possible offer for the entire share capital of the company at a final price of 240 pence per share in cash. The offer represents a 59% premium to the closing price of 151p, and a 20% premium to the initial proposal submitted to Wood of 200p per share in cash. It follows news that Apollo's last offer of 237p was privately rejected by the board of Wood.
John Wood notes that final proposal is subject to a number of pre-conditions and reservations, and that there can be no certainty an offer will be made. It is consulting with shareholders. Apollo must announce its firm intention to make an offer for Wood no later than April 19.
Current stock price: 209.03 pence
12-month change: up 2.2%
By Holly Beveridge, Alliance News reporter
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Wood Group (J) (WG.)