John Wood Group PLC (LSE:WG.) announced an extension to the Put Up or Shut Up (PUSU) deadline for any potential deal with bidder Sidara.
The new deadline gives Sidara until 5.00 pm on 25 August to either make a firm bid or withdraw.
The update follows progress on key financing terms with Wood's lenders tied to the proposed acquisition. The parties have agreed headline terms for a refinancing package that would extend Wood’s debt facilities to October 2028 and include new bonding facilities. “There is now commercial alignment on the headline terms of the proposed refinancing,” Wood noted.
Wood continues to work with Sidara and its lenders to finalise documentation and secure approvals.
Due diligence on Sidara’s side also remains ongoing.
The Wood board reiterated that no formal offer has been made and there is no certainty that one will materialise. Shareholders are advised that no action is needed at this stage.