John Wood Group PLC’s future was closer to being finalised after Apollo Management made a final push to secure the company.
Apollo has made a final approach of 240p per share for the FTSE 250-listed business which it said represented a “compelling opportunity” for shareholders.
It said it continued to seek the recommendation of John Wood’s board while Wood said it would “continue to engage with its shareholders.”
Apollo has until April 19 to make a firm bid under the Takeover Code.
Shares rose 4.2% at 208.40p each in London on Wednesday, well below the latest proposed offer value.
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.