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Wood Group and Sidara granted further extension to PUSU deadline
(Sharecast News) - Wood Group has been granted an extension to the so-called 'put up or shut up' takeover deadline for Sidara until 30 June as part of an effort to push the deal through before the end of the month. The PUSU deadline for Sidara's possible offer of 35.0p per share was due to expire at 1700 BST on Thursday, having already been extended following its initial proposal on 14 April.
Wood Group noted that the 30 June deadline can be further extended with the agreement of the board and the consent of the takeover panel.
"Wood and Sidara are continuing to engage with Wood's lenders and noteholders in relation to both the debt modifications and the Sidara Liquidity Arrangements," said Wood Group.
"Should Sidara make a firm offer for Wood under Rule 2.7 of the Code on the terms of the Possible Offer, the board of Wood would be minded to recommend such an offer to Wood's shareholders, subject to agreement of full terms and conditions."
It also said that it was continuing to work with its auditor towards the publication of its audited accounts for the year ended 31 December.
As of 0825 BST, Wood Group shares were untraded at 18.44p.
Reporting by Iain Gilbert at Sharecast.com
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