Wood Group (John) PLC has given Apollo Global Management (NYSE:APO) more time to consider whether it wants to make a firm offer for the company or not.
The FTSE 250-listed business made the request to the Panel on Takeovers and Mergers after talking to shareholders given the proximity of full-year results.
The deadline for Apollo to make its move was March 22 but this has been pushed out to April 19. A further extension could be made with the Takeover Panel’s consent.
In a statement the company said results for the financial year 2022 are in line with expectations.
On March 7, John Wood rejected a fourth unsolicited bid approach from Apollo which valued it 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 at the time.
On 22 February, John Wood announced it had unanimously rejected three unsolicited proposals from Apollo.