2023-05-15 07:57:56 ET
John Wood Group ( OTCPK:WDGJF ) -33% in London trading Monday after Apollo Global Management ( NYSE: APO ) said it will not make a takeover offer for the U.K. engineering and oilfield services company.
Last month, Wood's ( OTCPK:WDGJF ) board said it would engage with Apollo ( APO ) and gave it access to due diligence, after the U.S. P-E firm had proposed a final buyout price of 240 pence/share, valuing the company at ~£1.66B ($~2.1B); Wood previously rejected four earlier takeover proposals from Apollo.
Under U.K. takeover rules, Apollo ( APO ) cannot launch a takeover offer for Wood ( OTCPK:WDGJF ) for the next six months, except with the company's consent or if a rival bidder swoops in.
Wood Group ( OTCPK:WDGJF ) recently reported Q1 adjusted earnings of $0.05/share on revenues of $5.44B .
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Apollo nixes plan to buy out Wood Group