Wood Group (John) PC has rejected a fourth bid approach from Apollo Global Management (NYSE:APO).
The latest cash offer valued the FTSE 250-listed firm at 237p per share, a 7p premium to the third and most recent attempt by Apollo to win over the company.
“The board believes this latest proposal continues to undervalue the group and is therefore minded to reject,” the company said.
“The board will continue to engage with its shareholders and intends to engage further, on a limited basis, with Apollo,” it added.
On 22 February, John Wood announced it had unanimously rejected three unsolicited proposals from Apollo.