John Wood Group PLC will not be taken over, at least for now, after Apollo Global Management (NYSE:APO) confirmed it does not intend making a bid for the company.
The private equity firm had made a series of proposals to buy Wood Group, the latest valuing the FTSE 250-listed group at 240p per share.
But after Wood Group engaged with Apollo and granted it access to due diligence materials, no offer has been forthcoming.
Wood Group said it remains confident in its strategic direction and long-term prospects and believes that, following a transformative year in 2022, including new executive leadership and a new strategy, the company is well placed to deliver substantial value for shareholders.
“Our medium-term targets set out in November 2022 are to deliver adjusted EBITDA growth at mid to high single digit CAGR, with momentum building over time, and to return to positive free cash flow in 2024,” the company said in a statement.
“Furthermore, as set out in the Q1 trading update on 11 May 2023, there is good momentum across all business units which has continued since the end of Q1, with expectations for the full year unchanged.”