Ken Banks
BBC Scotland, Aberdeen
Wooden
The Wooden Workforce board mentioned it was once minded to counsel the be offering
One in every of Scotland’s biggest corporations – engineering massive Wooden Workforce – is backing a £242m takeover method.
Aberdeen-headquartered Wooden mentioned Sidara, an engineering and consultancy founded in Dubai, had made the be offering.
Wooden’s board of administrators have now mentioned they might be “minded to counsel” the deal.
The corporate grew from the North Sea oil increase to develop into an international engineering contractor, running in dozens of nations, with tens of 1000’s of staff.
Wooden
Wooden is headquartered in Aberdeen
The brand new proposed deal comes nearly a yr after talks round a prior takeover method from Sidara collapsed.
Wooden’s proportion price has since fallen.
Then again, it was once up about 10% after the announcement of the most recent takeover bid.
In February, Wooden showed it had restarted takeover talks with the UAE-based organisation, earlier than extending discussions remaining month.
On Monday, the corporate mentioned: “The board of Wooden recently believes that the conceivable be offering represents the simpler choice for Wooden’s shareholders, collectors and different stakeholders.
“The board of Wooden has indicated to Sidara that, must an be offering be made at the phrases set out, it might be minded to counsel the be offering to Wooden’s shareholders, matter to settlement of the whole phrases and stipulations.”
Getty Pictures
Sir Ian Wooden introduced he was once retiring as chairman in 2012
In 2012, Sir Ian Wooden introduced he was once retiring from his position as chairman of Wooden Workforce.
The well known businessman were chairman of the corporate since 1982.
Sir Ian mentioned on the time: “I’ve been fortunate sufficient to take part within the very a hit and thrilling expansion of the United Kingdom’s oil and gasoline trade over the past 45 years and observed Wooden Workforce develop into a a hit world participant.
“I can omit Wooden Workforce, however could have the pride of realizing it is in in point of fact excellent palms and sit up for the Workforce’s proceeding good fortune.”
