Dubai's Sidara considers lowering Wood Group's offer following UK regulator's investigation, FT reports

The Financial Times reported that the Dubai-based Sidara may reduce the price of the takeover bid it has made for Wood Group as the British financial watchdog launched an investigation into the oilfield service provider.

The report stated that it is unclear by how much Sidara could reduce the price. It also said that the company was concerned about possible legal exposure that might arise from the Financial Conduct Authority investigation into Wood Group.

The investigation, announced last month, began after Wood Group announced last year that it had conducted an independent accounting review of certain contracts and charges.

According to the report, Wood is frustrated by the time it takes to file Wood's accounts for 2024.

Could not verify immediately the report.

Sidara and Wood Group didn't immediately respond to an inquiry for comment.

The British oilfield engineering and services company received an offer from Sidara in April. It included a takeover bid of up to $450,000,000 and a value of 242 million pounds. Sidara must make a firm bid by July 28, or it can walk away from the deal.

(source: Reuters)