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Sidara gets more time for Wood Group takeover bid
Sidara’s deadline to make a formal takeover offer or withdraw its bid for Wood Plc has been extended until the end of the month.
The Dubai based company made his last bidwhich at 230p a share is worth £1.58bn, for the Aberdeen-based business at the end of May. It has been given until July 5 to make a firm offer or withdraw its bid.
Sidara notified Wood’s board that it “needs additional time to complete its due diligence and other preparations.”
The board said “the takeovers and mergers panel has consented to an extension of the date”, and the new deadline has been set for 5pm on 31 July 2024. The takeovers panel could agree to extend that deadline at Wood’s request.