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Wood Group shares rally on unsolicited Apollo approach

Reuters
·1-min read

MILAN (Reuters) - Wood Group shares rallied more than 30% on Thursday after the British energy services provider said it had received and then rejected three unsolicited takeover proposals from U.S. private equity group Apollo Global Management.

"The Board unanimously rejected each of the Proposals, having concluded that they each significantly undervalued the repositioned Group's prospects," the UK-listed company said in a statement late on Wednesday.

The most recent approach was a cash offer for the entire capital of Wood Group valuing the company at 230 pence per share, the statement added. By 0824 GMT, Wood Group shares were up 32% after earlier rising as much as 34.4% to 208 pence.

(Reporting by Danilo Masoni; Editing by Amanda Cooper)