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John Wood Group PLC on Wednesday said it has rebuffed three unsolicited proposals for a takeover by Apollo Global Management Inc.
John Wood is an energy sector-focused engineering and consulting business based in Aberdeen, Scotland.
It said the most recent approach was received in late January, proposing a cash offer for all of its shares at a price of 230 pence each, around £1.59 billion in total.
Shares in John Wood closed down 3.4% to 145.80p each in London on Wednesday. It has a market capitalisation of £1.00 billion.
John Wood said the board ‘carefully considered’ each of the proposals with its financial advisers and ‘engaged on a limited basis’ with Apollo, before unanimously rejecting each proposal.
It said it concluded each proposal ‘significantly undervalued’ the group’s prospects.
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