Sidara had a lucky escape!7 Nov 2024 08:55
So much for the CEO saying the bud undervalued them!!! He should walk now……..
“The British oil services company John Wood Group has rejected a £1.4bn takeover offer from a Dubai-based rival, Sidara, which “fundamentally undervalued” the company.
Aberdeen-based Wood is the latest British company on the London Stock Exchange to face takeover speculation amid deepening concerns that UK-listed stocks are undervalued compared with other markets.
In a statement, the Wood board said the FTSE 250 company had received an unsolicited approach from Sidara to snap it up for a price of 205p a share, but had unanimously rebuffed the offer.
“The board carefully considered the proposal, together with its financial advisers, and concluded that it fundamentally undervalued Wood and its future prospects,” it said.”