Wood, the global consulting and engineering company, has confirmed ongoing discussions with Dar Al-Handasah Consultants Shair and Partners Holdings Ltd (“Sidara”) regarding a possible acquisition, following a reduction in Sidara’s offer price and an extension to the ‘Put Up or Shut Up’ (PUSU) deadline.
Sidara, which previously tabled a “holistic non-binding conditional proposal” at 35 pence per Wood share, has now completed its due diligence and informed the Wood Board of its intention to proceed at a revised price of 30 pence per share. The communication, delivered in writing on Saturday 23 August 2025, emphasised Sidara’s commitment, “once the remaining pre-conditions have been satisfied, but that, having completed its due diligence, any offer would be at a reduced price of 30 pence in cash per Wood share (the ‘Reduced Possible Offer’).”
The Wood Board, in consultation with its financial advisers, has signalled that the reduced proposal remains recommendable. “The Board has evaluated the Reduced Possible Offer with its financial advisers and concluded that it is at a value that the Board would be minded to recommend to Wood shareholders, should a firm intention to make an offer pursuant to Rule 2.7 of the Code be announced on such financial terms, subject to the agreement of all other terms and conditions of an offer,” the announcement stated.
Other elements of the transaction continue to progress. Wood reports “commercial alignment with Sidara and Wood’s lenders on the detailed terms of the Proposed Refinancing,” as well as substantial movement on finalising audited accounts for the period ended 31 December 2024.
To facilitate further negotiations, the Takeover Panel has approved the company’s request to extend Sidara’s PUSU deadline to 5.00pm on 28 August 2025. The possibility remains for additional extensions, contingent on agreement from both parties and Panel consent.
Despite the developments, Wood cautions shareholders: “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.”
The announcement clarifies that shareholders need not take any action in relation to the Possible Offer at this time. Further updates are expected as discussions evolve.
