Wood Group extends deadline for Sidara's offer to August 29,

Wood Group announced on Thursday that the UK takeover committee has extended to August 29, the deadline for the takeover bid from Dubai-based Sidara.

Sidara reduced its offer for Wood Group earlier this week following an investigation by the UK Financial Conduct Authority into the company's operations.

Wood has received buyout bids since Apollo Global Management, a U.S. private equity firm, expressed its interest in buying the company on February 20, 2023.

The British company announced that Sidara has finished its due diligence regarding Wood. It had previously offered 35 pence for each Wood share.

After a turbulent few years for the British company, Wood Group's offers have dropped to around 200 million pounds.

The company's problems were compounded when FCA revealed a probe after it had opened an independent review of some contracts and charges in the past year. (Reporting and editing by Shanima Kalia and Yamini A in Bengaluru)

(source: Reuters)