-Dubai-based Sidara cut its takeover proposal for Wood Group by about 14% to 30 pence per share, the oilfield services provider said on Tuesday, after Britain’s financial regulator launched a probe into its operations.
Wood Group said it will recommend the reduced bid, which values the firm at 207.6 million pounds ($280.45 million) per Reuters calculations – to its shareholders if a firm offer is tabled.
Sidara previously offered 35 pence a share for the British company.
In June, Wood Group disclosed that Britain’s Financial Conduct Authority (FCA) is investigating its operations after it opened an independent accounting review tied to some contracts and charges last year.
It had earlier delayed the publication of its annual results due to a pending audit, leading to a temporary suspension of its shares.
Sidara said on Tuesday that it is committed to making an offer for the British firm once the remaining pre-conditions linked to Wood Group’s debt are satisfied.
($1 = 0.7402 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Sonia Cheema)
