Sidara has tabled a formal bid for Aberdeen-based energy services giant Wood Group - valuing the firm at £216million or 30p per share.
Speculation over the takeover has been a long-running saga, with the new bid drop from its initial proposed price of 35p per share.
At the beginning of May, Wood shares were suspended as the company failed to post its 2024 annual results on time. They were suspended at 18.44p per share.
A condition of the new bid is that Wood must be able to sign off its audited accounts by the end of October and retain the support of lenders, Energy Voice reports.
The bid also includes plans for Sidara to inject $450million (£334million) into the business, the majority of which will be unlocked when shareholders approve the takeover and the remainder when the deal is formally complete.
Commenting on the acquisition, Talal Shair, chair and chief executive officer of Sidara, said: "This is a transformational moment for our company.
"Through this move, Wood becomes part of Sidara, creating a global, world-class, privately held engineering and design group. In the short term, our additional financial support will bring greater stability, but our vision is for Wood to take the lead in energy and materials.
"We have always admired what Wood has built - its talented people, global clients, and technical capabilities. This transaction allows us to strengthen client relationships, expand into new markets, and serve a broader range of global clients. We look forward to realising Wood's full potential within Sidara."
Roy Franklin, chair of Wood, said: "This is an important milestone in providing a stable foundation for Wood to deliver on its significant potential. The Board's recommendation of Sidara's offer follows an extensive review of the viability of all available options and it is the unanimous view of the Wood Board that this is the best option for all stakeholders, whilst delivering some value for our shareholders after what has been a very difficult few years for the company."
Wood CEO Ken Gilmartin, added: "This announcement brings us closer to finalising a challenging chapter in Wood's history. The acquisition by Sidara will solve our near-term liquidity challenges and strengthen the company in the longer term. In Sidara, we will have an owner that values our people, brand and the deep client relationships we have built over the years and together we will be in a stronger position to deliver for our clients and achieve our potential."
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