One of the biggest firms in Scotland – Engineering Giant Wood Group – has acquired a £ 242M takeover strategy.
Wood Wood Wood Wood stated that Sidara, an engineering and counseling in Dubai, had proposed.
The board of administrators of Wood stated that they are going to be “Thoughts to recommend” deal.
The firm turned a world engineering contractor from the North Sea Oil Boom, working in dozens of nations, with tens of 1000’s of staff.
The new proposed deal comes round a yr after the dialog across the earlier acquisition strategy from Sidara Darling,
The share value of the wooden has fallen since then.
In February, Wood confirmed that it resumed the acquisition talks with the UAE-based group earlier than increasing the dialogue final month.
On Monday, the corporate stated: “Wood's board currently believes that the potential proposal represents a better option for Wood's shareholders, creditors and other stakeholders.
“Wood's board has indicated to Sidara that, a proposal needs to be made on the prescribed situations, it is going to be completely thought-about to advocate the proposal to the shareholders of Wood topic to the settlement of phrases and situations.”
With inputs from BBC