Wood Group plummeted after takeover suitor pulled out

Shares in John Wood Group (LSE:WG) plummeted on Monday, losing around 37%, after it announced that Dubai-based suitor Sidara had withdrawn its takeover bid.

Sidara cited geopolitical risks and financial market uncertainty for the decision.

Wood Group, in its statement, said it remained confident in its strategic direction and reaffirmed its guidance for the current and next financial year, emphasising its forecast significant cash flow in the coming year.

It comes after Sidara made several offers to acquire Wood Group, with the last valuing the company at 230 pence per share.

In London, Wood shares fell 74p or 37% to finish Monday’s trading at 122.8p.