7th Mar 2023 12:09
(Correcting headline to clarify that John Wood has not rejected the proposal.)
(Alliance News) - John Wood Group PLC on Tuesday said it has rebuffed a fourth proposal for a takeover by Apollo Global Management Inc.
Shares were up 14% at 221.87 pence each on Tuesday morning in London.
John Wood is an energy sector-focused engineering and consulting business based in Aberdeen, Scotland.
On Monday, John Wood said, US private equity firm Apollo Global submitted a fourth proposal to John Wood, which would be an offer of 237p per share in cash.
John Wood said: "The board believes this latest proposal continues to undervalue the group and is therefore minded to reject. The board will continue to engage with its shareholders and intends to engage further, on a limited basis, with Apollo."
The company had already rejected three proposals by Apollo, the most recent in January for 230p, or around GBP1.59 billion in total.
By Xindi Wei, Alliance News reporter
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