Wood Group extends deadline for deal negotiations with Dubai's Sidara. FT reports

The Financial Times reported that the British oilfield engineering and services firm Wood Group agreed to extend its deadline for talking with Dubai's Sidara about a potential takeover after an unsuccessful attempt six months earlier.

Reports citing sources familiar with the issue said that the extension would give time to Deloitte's independent review of Wood’s Projects Division.

Wood Group refused to comment on the article and Sidara didn't immediately respond to an inquiry for comment.

According to UK regulations, Sidara has until Monday afternoon to submit a firm bid or withdraw unless both parties agree on a delay, FT reported.

The two parties met last month.

re-entered

Negotiations for a potential Sidara acquisition of Wood, after Sidara walked away last year from its original plan to purchase Wood citing increased geopolitical risk and financial market uncertainty.

Wood Group's CFO resigned last month after a turbulent few years that saw activist investors pressuring the company to consider a sell, two failed takeover proposals and an audit of its finances.

Since the beginning of the year, Wood Group shares have lost over 40% of their value. The market capitalization of Wood Group has dropped to just over 265 million pounds (about $342.33 million).

(source: Reuters)