(Alliance News) - John Wood Group PLC on Friday said it agreed to extend the put-up-or-shut-up deadline for Apollo Global Management Inc to make a formal takeover offer.
The Aberdeen, Scotland-based energy sector-focused engineering and consulting business said the deadline for the New York-based asset manager to make an offer or walk away has been extended to April 19 from Wednesday next week. John Wood said this will allow it to release its 2022 results on March 28 as originally scheduled.
The decision to give Apollo more time comes after John Wood said earlier this it was "minded to reject" a fourth proposal of 273 pence per share in cash from Apollo, saying it "continued to undervalue the group". The offer valued John Wood at about GBP1.89 billion.
Shares were up 3.7% at 210.40 pence in London on Friday morning, giving the company a market capitalisation of GBP1.46 billion.
By Sabrina Penty; Alliance News reporter
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