(Reuters) – UK’s Wood Group on Thursday said it has extended the deadline for a takeover offer by Dubai-based Sidara to May 15 from April 17.
On Monday, the company received a proposal from Sidara comprising a takeover bid worth about 242 million pounds ($320.5 million) and up to $450 million in cash.
Wood Group had said it would be “minded to recommend” a firm offer on such terms to its shareholders, if made.
The British oilfield services and engineering firm rekindled talks for a potential takeover in February, after Sidara shelved its initial plans to buy the group last year, citing rising geopolitical risks and uncertainty in the financial market.
This development marks the second extension Wood Group has granted to Sidara, with the first taking place in March.
($1 = 0.7552 pounds)
(Reporting by Anandita Mehrotra in Bengaluru; Editing by Sonia Cheema)
