Wood Group accepts reduced proposal from Sidara

• Sidara has reduced its proposal to 30 pence per share
• Wood Group is ready to consider a new proposal
• Wood Group's shares were suspended in July due to financial problems

Wood Group, a company from Great Britain that provides services in the oil and gas industry, has announced a possible exit from the London stock list. This occurred after the board of directors expressed their readiness to accept a reduced proposal from Sidara, which is based in Dubai.

Sidara, an engineering company from the Middle East, initially submitted a price of 35 pence per share in April, but has now confirmed that it will make a new proposal in the range of 30 pence per share. This reduction in value came after the financial regulator of Great Britain began investigating Wood Group's financial affairs.

At this moment, the board of directors of Wood Group is evaluating the new proposal and is expected to conclude that it has sufficient value for the recommendation of the shareholders. The deadline for Sidara to submit an official proposal or withdraw it has been extended to 5:00 PM on September 28.

Earlier, in July, Wood Group's shares were suspended after the company recognized the need to review its financial results due to cultural difficulties in managing finances. These problems became the reason for a significant decline in the value of the company's shares, which previously reached 880 pence per unit.

Sidara has already attempted to acquire Wood Group before, previously proposing a price of 230 pence per share, but withdrew from the agreement due to increasing risks in financial markets. Initially, Wood Group is also working on publicizing its financial results from the previous year, which were delayed.

Tags: Economy/Energy