Source - Alliance News

John Wood Group PLC on Wednesday said it rejected a new takeover proposal from Dar Al-Handasah Consultants Shair & Partners Holdings Ltd, known as Sidara.

Sidara is a planning, design, engineering and project management firm, founded in Beirut, with more than 300 offices in 60 countries.

Wood, an Aberdeen, Scotland-based consulting and engineering for energy and materials sectors said the new offer of 212 pence per Wood share continued to ‘fundamentally undervalue’ the company and its future prospects. The offer was 3.4% higher than Sidara’s initial offer of 205p.

Wood shares fell 6.1% to 188.37 pence each on Wednesday afternoon in London.

Sidara has until June 5 to announce whether or not it intends to make a takeover offer for Wood.

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