Wooden Group races to finalise Sidara deal by finish of June

Wooden Group, the troubled London-listed oil companies firm, is racing to finalise a cut-price takeover by a Gulf-based rival by the top of the month.

Sky Information has learnt that Wooden and Sidara, its UAE-based suitor, are to request an extension to a ‘put up or shut up’ deadline on Thursday for the latter to make a agency provide.

The joint request to the Takeover Panel, which is predicted to be granted, is more likely to contain a shorter extension than the utmost 28 days allowed below Metropolis guidelines, reflecting the businesses’ confidence {that a} deal will probably be agreed.

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A public assertion is more likely to be made on Thursday.

Sidara tabled a 35p-a-share provide for Wooden in April which valued the Aberdeen-based goal at simply over £242m.

It got here lower than a 12 months after it proposed a deal value about £1.5bn, after which Wooden’s shares collapsed within the wake of revelations about its previous monetary outcomes and company governance.

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The corporate’s shares have been suspended for the reason that starting of final month.

Wooden was additionally the topic of an earlier takeover method from Apollo International Administration, the non-public fairness agency.

A spokesman for Wooden declined to remark.