Posted on ADVFN30 Jun 2025 12:54
Today we announced to the market a further extension to the deadline for Sidara to make a firm offer for Wood or not.
As you are aware, Wood’s Board received a proposal from Sidara to acquire Wood on 14 April 2025. Under The Takeover Code, Sidara had until today, 30 June 2025 at 5pm BST to confirm their intentions.
We continue to work with Sidara to meet the pre-conditions to their possible offer, including constructive dialogue with our lenders and bankers in relation to our refinancing, as well as our work with our auditor to publish our financial results for full year 2024.
As a result of this ongoing work, the deadline for Sidara to make a firm offer, or not, has now been extended to 5pm BST on 28 July 2025.
As a reminder, these extensions are subject to The Takeover Code which govern a strict set of rules that apply to listed companies in the UK. The Code requires a maximum 28-day ‘put up or shut up’ deadline with approval of both our Board and from the Takeover Panel. As always, there can be no certainty an offer will be made.
Investigation by the Financial Conduct Authority (FCA)
I also want you to be aware that we recently advised the market that the FCA has commenced an investigation into Wood. The FCA is the regulator which oversees the UK financial markets.
The investigation will cover the period 1 January 2023 through 7 November 2024. This follows the previously announced independent review into reported positions on contracts in the Projects business unit, accounting, governance and controls.
We take this seriously and will cooperate fully with the FCA throughout. I understand this may be concerning to you and ask that you do not speculate, noting that I will provide you with the facts as appropriate.
I will continue to share updates with you and keep you informed. In the meantime, please stay focused on what matters most - keeping yourselves and each other safe and delivering excellence for our clients.
Thank you for all you continue to do.
Talk soon,
Ken
Sign In
Follow the stocks
