RE: Offer4 May 2025 15:36
Bob
The conditions are not too onerous and should be well in hand.
I disagree with your timescale will be considerably quicker.
“Possible offer from Sidara and pre-conditions to an Offer being made
Following discussions between Wood and Sidara, the Board of Wood has now received a holistic non-binding conditional proposal for Wood, comprising:
· a possible offer from Sidara of 35 pence per Wood share in cash to acquire the entire issued and to be issued share capital of the Company;
· a capital injection of $450 million from Sidara to Wood, as detailed below; and
· Wood seeking an extension of, and certain other amendments to, its existing committed debt facilities (the "Debt Modifications").
Sidara has confirmed that it has made significant progress with its due diligence on Wood, including in relation to its review of the points raised in the independent review commissioned by Wood.
The announcement by Sidara of any firm offer for Wood under Rule 2.7 of the Code (an "Offer") is subject to the satisfaction or waiver of certain pre-conditions, including:
a) legally binding agreement(s) in a form satisfactory to Sidara being entered into in respect of the Debt Modifications and the Sidara Liquidity Arrangements (as defined below);
b) the publication of Wood's audited accounts for the financial year ended 31 December 2024;
c) the unanimous recommendation of such Offer by the Wood Board of Directors and irrevocable undertakings from such directors who hold Wood shares to vote in favour of the Offer;
d) completion of Sidara's due diligence; and
e) final approval of the Sidara Board of Directors.
Sidara has confirmed to the Board of Wood that, if the Offer is made, it intends to commit to Wood that it will take all required, necessary or advisable steps to satisfy all antitrust and regulatory conditions to the Offer, subject to certain limited carve-outs in the case of regulatory approvals.”
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