Sidara Cuts John Wood Offer to 30p (£207.6m); Board 'Minded to Recommend' as Shares Plunge 72% - Aug. 28 Deadline

Sidara, the Dubai-based buyer linked to Dar Al-Handasah, has trimmed its takeover proposal for John Wood Group (LON:WG) to 30p a share, valuing the Scottish energy-services firm at about £207.55 million (roughly $279.3 million). The move follows due diligence Sidara completed over the weekend.

The board of John Wood Group (LON:WG) said it has reviewed the reduced proposal with its financial advisers and would be "minded to recommend" the offer if Sidara turns it into a formal firm intention. That's a downgrade from the 35p-a-share proposal tabled on April 14 - a price Wood had indicated it would support at the time.

Key practical note: Sidara and its lenders have reportedly reached commercial alignment on the refinancing package tied to the bid. Financing was a material condition of Sidara's earlier approach, which in April valued Wood at about £242.2 million and mentioned a potential $450 million capital injection.

The U.K. Takeover Panel has pushed the clock out to Aug. 28 for Sidara to either firm up the offer or walk away. Meanwhile, Wood's stock remains suspended, and the market has not been kind this year - the shares are down roughly 72% year-to-date.

Wood's troubles are the backdrop here. Over the past year the company has flagged contract write-offs and weakness in its projects arm. An independent review published in February exposed "material weaknesses" in its accounts, prompting adjustments to the income statement and balance sheet and a sharp sell-off at the time.

What this means for market dynamics: a lower offer that the board is willing to back narrows the gap between deal price and where the stock traded before suspension, and the financing alignment reduces one of the major execution risks. On the flip side, the deeply discounted equity performance and the accounting baggage remain overhangs.

Deal deadline: Aug. 28. Will Sidara press ahead at 30p, or is there room for renewed negotiation?