Dubai’s Sidara submits ‘final’ $2bn bid for John Wood Group

Pichit Boonhuad/Alamy via Reuters Connect

• Sidara’s fourth proposal
• Wood Group is ‘evaluating’
• Firm offer deadline is June 5

Dubai engineering and consulting company Dar Al-Handasah – known as Sidara – has made a fourth and “final” bid to buy London-listed contractor John Wood Group.

The latest proposal of 230 pence sterling per share gives Wood a valuation of £1.58 billion ($2 billion) and is significantly higher than the first of three bids, which were thrown out.

Sidara had initially offered 205 pence sterling per share on April 29, which valued Wood at £1.42 billion ($1.65 billion).

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“The board, together with its financial advisers, is evaluating the final proposal and a further announcement will be made in due course. There can be no certainty that an offer will be made,” Wood said in a statement.

Under UK takeover rules, Sidara has until 5pm on June 5 to either make a firm offer for Wood or walk away from any deal.

Wood has not engaged with Sidara since the first offer, Sidara said.

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“Sidara does not believe that its proposal can be progressed unless the board of Wood engages with Sidara and an extension of the deadline is granted,” it added.

Wood’s stock price fell 2.3 percent to 185.9 pence sterling at close of trading on Wednesday May 29.

Sidara has more than 20,000 employees spanning 308 offices and 60 countries worldwide. It includes global architecture firm Perkins & Will, global engineering firm TYLin and specialist project management firm Currie & Brown within its portfolio.

Last year Sidara bought a majority stake in Canadian buildings analytics specialist CopperTree Analytics and Su-Yapi, one of Turkey’s leading engineering firms.