Wood Group Provides Update on Possible Offer from Sidara
Why we think this is neutral
This RNS announcement does not contain any of the mandatory news types that would require a more detailed analysis. It provides an update on a possible offer from Sidara, but does not include any financial figures or operational updates that would significantly impact the company's performance.
Key Points
- Sidara has made significant progress with its due diligence on Wood
- The announcement of any firm offer is subject to several pre-conditions, including legally binding debt modification agreements and publication of Wood's FY24 audited accounts
- Wood and Sidara are engaging with Wood's lenders and noteholders regarding the proposed debt modifications and Sidara liquidity arrangements
Summary
The engineering company provides an update on a possible cash offer from Sidara to acquire the entire issued and to be issued share capital of the company.
Wood Group has received a non-binding conditional proposal from Sidara comprising a possible cash offer of 35 pence per share, a $450 million capital injection, and an extension of the company's existing debt facilities. The Board of Wood has indicated it would be minded to recommend such an offer to shareholders, subject to agreement of the full terms and conditions.
GENERAL UPDATE