Dar Al-Handasah Consultants Shair and Partners Holdings, also known as Sidara, has lowered its offer for the takeover of the UK consulting and engineering firm Wood.
After declining several offers, Wood accepted a non-binding conditional proposal from Sidara in February 2025 for a possible offer of 35 pence in cash per Wood share to acquire the entire issued and to be issued share capital of the company.
This offer is worth around £242m ($326.7m) and includes taking on Wood’s outstanding debt of approximately $1.1bn. Sidara would also inject $450m into the UK company in two tranches. The company’s board has recommended that shareholders accept the offer if it comes to pass.
The takeover has not taken place yet as no firm offer can be made without Wood publicising its audited accounts for the financial year ended December 31, 2024. Since those results are still being audited, Wood has extended the deadline the firm offer several times. The previous deadline was August 25.
Now, Sidara and Wood’s lenders have reached commercial alignment on the detailed terms of the proposed refinancing. Sidara has also confirmed that it has completed its due diligence on Wood.
The UK firm is still working with its auditor regarding the publication of Wood’s audited accounts for the financial year ended December 31, 2024.
However, Sidara informed the board of Wood on August 23 that, once the remaining pre-conditions have been satisfied, it would be making an offer at a reduced price of 30 pence in cash per Wood share. The new reduced offer prices Wood at £207.6m ($280.2m).
The Wood board has evaluated the reduced offer and concluded that it would be minded to recommend the offer to Wood shareholders.
Such an offer must be made by no later than 5.00 pm on August 28. This deadline can be extended further.
The UAE-based firm has been courting Wood with different offers to sell up since April of last year. After finally accepting the offer in February, the first extension regarding negotiations with Sidara was made in March, with three more following each month. The fourth one is just for three days after the reduced offer was submitted.
