On 29 May 2024, Dar Al-Handasah Consultants Shair and Partners Holdings Ltd ("Sidara") announced that it had submitted a fourth proposal to the Board of Wood to acquire the entire issued and to be issued ordinary share capital of Wood at a final price of 230p(1) per share in cash (the "Final Proposal").

The Board remains confident in Wood's strategic direction and its fundamental prospects. However, having now weighed all relevant factors including, in particular, feedback received from Wood shareholders, the Board has decided to engage with Sidara to determine if a firm offer can be made on the same financial terms as the Final Proposal. Accordingly, the Board will grant Sidara access to due diligence materials.

The Board has requested and the Panel on Takeovers and Mergers has consented to an extension to the date by which Sidara is required either to announce a firm intention to make an offer for Wood or to announce that it does not intend to make an offer. Such announcement must now be made by not later than 5.00pm on 3 July 2024. This deadline can be further extended by the Board of Wood, with the consent of the Takeover Panel.

(1) The Final Proposal is subject to a number of pre-conditions, including satisfactory completion of due diligence. The Final Proposal is also subject to a number of reservations, under which Sidara can make an offer on better or less favourable terms, as further described in Sidara's announcement as of 29 May 2024

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