Wood Group Confirms Fresh Takeover Approach from Sidara (1)

John Wood Group Plc confirmed that it has received a fresh takeover offer from engineering company Sidara, after a previous approach last year ended without a deal.

Sidara will be required to announce whether it intends to make a firm offer by March 24, Wood Group said in a statement on Monday. The approach was first reported by the Financial Times.

“There can be no certainty either that an offer will be made nor as to the terms of any offer,” according to the statement. Shares of Wood Group rose 31% to 34.5 pence as of 2:54 p.m. in London ...