John Wood Group PLC (LSE:WG.) has been allowed to push back the 'put up or shut up' deadline for its Dubai-based suitor, Sidara.
Talks are continuing over a possible cash offer, the FTSE 250 company said in a statement on Monday.
A new deadline for Sidara to make a firm offer has been set for 5pm on 17 April, after the Takeover Panel consented to an extension.
Wood Group stresses there is no certainty that an offer will be made, nor as to the terms on which it will be made.
Sidara had previously pursued a deal last year but withdrew, citing geopolitical risks and market uncertainty.
After a 75% fall in Wood’s valuation since last summer, Sidara emerged with a new approach last month, hot on the tails of Wood warning that its fourth-quarter results would be weaker than expected, with negative free cash flow for 2025.