Energy services company John Wood Group today confirmed it has received multiple takeover offers from US private equity firm Apollo Global Management, but has rejected all of them.
The FTSE 250 firm came out to confirm speculation of a takeover, stating that it has received “three unsolicited, preliminary and conditional proposals” from the firm “regarding a possible cash offer to acquire the entire issued and to be issued ordinary share capital of Wood.”
It said the most recent offer from Apollo, received on 26 January, was for 230 pence per share.
Wood Group said it had “carefully considered” each of the offers and has engaged with Apollo “on a limited basis.”
But Wood Group said the board “unanimously rejected” each of the offers after it concluded they “significantly undervalued” the company.
Apollo was contacted for comment.
Wood Group’s share price closed down 3.4 per cent at 146p per share.
News of the offers marks the second tilt at a London-listed firm by a US private equity house this week, after events business Hyve revealed it had received an offer from Rhode Island-based Providence.
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