Wood Group has extended the deadline for a potential takeover offer by Dubai-based Sidara to no later than April 17, the struggling British company said on Monday.

The oilfield services and engineering firm rekindled talks for a potential takeover last month, after Sidara dropped its initial plans to buy the Group last year citing rising geopolitical risks and uncertainty in the financial market.

Wood Group rejected multiple bids from Sidara six months ago, with the latest bid valuing the company at about 1.56 billion pounds.

The company also forecast negative cashflow for the year in February, a period marked by pressure from activist investors for its sale, a CFO exit and a review of its financials.

(Reporting by Simone Lobo and Yamini Kalia in Bengaluru; Editing by Janane Venkatraman)


Reuters