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Britain's Wood Group rallies on Apollo Global's buyout proposal

Reuters
·1-min read

(Reuters) - Shares of John Wood Group Plc surged over 30% on Thursday after the company said it received three preliminary buyout proposals from private equity firm Apollo Global Management Inc.

The British oilfield services and engineering firm said late on Wednesday its board rejected all the proposals, saying they "significantly undervalued" the company's prospects.

Wood Group said Apollo's latest proposal, made on Jan. 26, proposed a cash offer of 230 pence per share.

The offer values the company at about 1.59 billion pounds ($1.92 billion) and is at a 48% premium to the group's last closing price of 154.7 pence per share.

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Apollo must announce a firm intention under the takeover code to make an offer for the company by March 22 or walk away, Wood Group said in a statement.

The company's shares were up 32% at 204.4 pence, as of 0840 GMT.

($1 = 0.8298 pounds)

(Reporting by Muhammed Husain in Bengaluru; Editing by Savio D'Souza and Eileen Soreng)