John Wood Group PLC (LSE:WG.) has batted away a third, higher offer from Dubai-based rival Sidara.
Pitched at 220p per share, the new offer was approximately 4% more than a second approach of 212p proposed on 14 May 2024, the engineer and fabrication specialist said in a statement.
Sidara initially offered 205p a share on 30 April 2024.
Wood said after considering the new offer and the fundamental prospects of the company, the board concluded the new offer still significantly undervalues the group.
“Accordingly, the board unanimously rejected the Third Proposal on 23 May 2024."
Sidara has to make a firm offer for Wood by 5 June 2024 in accordance with Takeover Panel rules.