Wood Group conditionally accepts Sidara’s takeover bid after a year-long pursuit
(Corrects deal value to 216 million pounds from 207.6 million pounds in paragraph 2)
(Reuters) -Wood Group has conditionally agreed to a takeover bid from Dubai-based Sidara, the companies said on Friday, ending a pursuit that spanned more than a year and involved multiple offers and rejections.
The 30-pence-per-share offer, which would value the British oilfield services company at 216 million pounds ($291.79 million), is subject to completion of certain exceptional conditions and includes a $450 million cash injection from Sidara.
The embattled Wood Group said its current liquidity was insufficient to fund operations and that it plans to pursue further cost-cutting measures through 2025.
"The current capital structure of the Wood Group is unsustainable," its board said in a statement.
Earlier this week, Sidara lowered its proposal for Wood Group after the Financial Conduct Authority launched a probe into British company’s operations.
($1 = 0.7402 pounds)
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