Hopes of a takeover at North Sea services giant Wood Group are still alive as the Aberdeen firm announced another extension to the deadline for an offer.
On April 14, Wood announced it had received a "holistic non-binding conditional proposal from Sidara, including a possible offer of 35 pence1 in cash per Wood share to acquire the entire issued and to be issued share capital of the company".
Wood's board confirmed at the time that, should a firm offer in the same terms be made, it would recommend the offer to shareholders.
SInce then Wood shares have been suspended after it failed to publish its FY24 results by the end of April.
A deadline for a firm takeover offer from Sidara had been set for May 15, but Wood has now announced an extension until 5pm on June 12.
An update to shareholders issued at 10am yesterday confirmed the updated deadline, adding: "Wood and Sidara are continuing to engage with Wood's lenders and noteholders in relation to both the Debt Modifications and the Sidara Liquidity Arrangements (as defined in that announcement), and Wood is continuing to work with its auditor towards the publication of Wood's audited accounts for the financial year ended 31 December 2024."
It went on: "Further announcements will be made in due course. In the meantime, shareholders are not required to take any action in relation to the Possible Offer.
"There continues to be no certainty that an offer will be made by Sidara even if the pre-conditions to the Possible Offer are satisfied or waived. This announcement is being made with the consent of Sidara."