UK's John Wood Group rejects another sweetened buyout proposal from Sidara

(Reuters) -British oilfield services and engineering firm John Wood Group said on Friday it has rejected a third buyout proposal from Dubai-based company Sidara, as the unsolicited offer continued to "significantly undervalue" the group.

Shares of the London-listed John Wood Group, which have surged more than 25% over the last 12 months, fell about 2% to 176.80 pence in early deals.

The latest proposal for a cash offer of 220 pence per share, received on Tuesday, represented an increase of about 3.8% to the previous proposal submitted on May 14, the British firm said.

John Wood, which provides consultation, asset management and engineering services for the energy and materials sector, received in April the initial 205 pence per share proposal.

Sidara, founded in 1956 as Dar Al-Handasah, is a family-owned engineering and consulting company. It now has until June 5 to make a firm offer for John Wood.

Sidara did not immediately respond to a Reuters request for comment.

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Mrigank Dhaniwala)