Shares in Wood Group (John) PLC surged 32% on Thursday after the company said after the market close on Wednesday that it had rebuffed bid approaches from Apollo Global Management (NYSE:APO).
The FTSE-250 company said it had turned down all unsolicited proposals from the US firm, with the most recent approach in late January valuing it at £1.59bn. The cash offer for all of its shares was worth 230p each.
The company said: “The board carefully considered each of the proposals, together with its financial advisers, and has engaged on a limited basis with Apollo.
“The board unanimously rejected each of the proposals, having concluded that they each significantly undervalued the repositioned group’s prospects.”
In early exchanges, shares were 32.3% higher at 204.67p each.