John Wood Group PLC (“Wood”), the Aberdeen-based global engineering and consulting firm, has announced an extension to the deadline for Sidara to declare a firm intention to make a takeover offer for the company.
The revised deadline is now set for 5:00 pm on 12 June 2025, following consent from the UK Takeover Panel.
The extension comes as Wood and Sidara continue discussions regarding the pre-conditions attached to Sidara’s non-binding conditional proposal, which was first announced on 14 April 2025.
The proposal includes a possible cash offer of 35 pence per Wood share to acquire the entire issued and to be issued share capital of the company.
Wood’s Board has indicated it would be minded to recommend such an offer to shareholders, subject to the agreement of full terms and conditions.
Key pre-conditions under negotiation include debt modifications and Sidara’s liquidity arrangements, both of which require ongoing engagement with Wood’s lenders and noteholders.
Additionally, Wood is working with its auditor towards the publication of its audited accounts for the financial year ended 31 December 2024-a process that has contributed to the need for further time.
The extension does not guarantee that Sidara will ultimately make a firm offer. The company emphasised that there remains no certainty an offer will be made, even if the pre-conditions are satisfied or waived.
Further announcements are expected in due course, and shareholders are not required to take any action at this stage.
Wood, a FTSE-listed company headquartered in Aberdeen, employs around 35,000 people globally and operates across more than 60 countries, providing critical engineering, consulting, and operational services to the energy and materials sectors.
The ongoing negotiations and the extended deadline underscore the complexity of the potential transaction and the importance of meeting regulatory and financial disclosure requirements.
The process remains subject to the rules of the City Code on Takeovers and Mergers, with the possibility of further extensions if agreed by both parties and approved by the Panel.
