Offer underlines scale of fall in UK-listed group’s value as accounting and governance issues mount
Even after the many blows in the past 10 years, the latest disclosures are difficult to swallow
Engineering company expects to suspend share trading at end of April because of work needed to prepare 2024 accounts
Company faced Monday deadline to make firm offer for London-listed oil services and engineering business or walk away
Oil services and engineering company holds debt discussions in parallel to exploring takeover by Dubai-based Sidara
Problems of Aberdeen-based group reflect decline of city built on oil and gas
Middle Eastern company makes fresh approach after walking away from offer last year
Plus, problems mount for Wood Group as executive steps down after admitting he misstated qualifications
Many of the engineering group’s woes have their roots in the 2017 deal
Engineering group accepts Arvind Balan’s resignation in statement on London Stock Exchange
Engineer’s shares plunge 34% after signalling negative free cash flow despite previously saying it would be positive
Engineering company says evaluation was prompted by ‘dialogue’ with its auditor
UK engineer divests divisions for $165mn as it faces pressure to mount turnaround
UK engineer’s chief executive Ken Gilmartin rules out switching listing to New York despite activist pressure
Sidara walks away from deal because of ‘geopolitical risks and financial market uncertainty’ as broader market sells off
Engineering services group says sweetened approach ‘significantly’ undervalues the company
An approach from a Dubai-based group should be welcome to long-suffering shareholders of the engineering company
Familiarity bias can work both ways for investors
Calls for London-listed engineer Wood Group to consider a US listing are delusional
Knock on Wood
Sparta Capital urges FTSE 250 engineering services group to also look into possible sale
Move comes despite UK oil engineering company posting 26% fall in first-half operating profits
Shares of Scottish engineering services company plunge after private equity firm says it will not follow through with bid
Shareholders have rightly nudged the British engineering group back to the table
Scottish company says board is ‘minded to reject’ US private equity group’s latest proposal
