Talks over a potential takeover of Wood Group by Sidara are continuing with the deadline for a firm offer to be made extended again.
The deadline has already been pushed back repeatedly as the North Sea services giant recovers from “weaknesses and failures" identified in an independent review of its accounts.
The latest deadline had been for a firm offer to be made by today, but Wood this morning announced this has been extended again.
A statement said: "On 14 April 2025, Wood announced that it had received a holistic non-binding conditional proposal from Sidara, including a possible offer of 35 pence in cash per Wood share to acquire the entire issued and to be issued share capital of the company, and that, should Sidara make a firm offer for Wood, the board of Wood would be minded to recommend such an offer to Wood's shareholders, subject to agreement of full terms and conditions.
"The board of Wood is continuing to work with Sidara in relation to the pre-conditions to the possible offer set out in that announcement."
Wood shares have been suspended since last month after the independent review delayed publication of the company's final results for 2024.
The firm is working towards finalising and publishing those results before any deal can be made.
The statement continued: "The board of Wood has therefore requested, and the panel has consented to, an extension to the date by which Sidara is required either to announce a firm intention to make an offer for Wood or to announce that it does not intend to make an offer.
"Such announcement must now be made by not later than 5pm on 30 June 2025."
FTSE 100
The UK's flagship share index, the FTSE 100, was down 7 points at 8,863 shortly after opening this morning.
Brent crude oil futures were down 2.19% at $69.18 a barrel.
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