Wooden Group, the troubled London-listed oil companies firm, is racing to finalise a cut-price takeover by a Gulf-based rival by the tip of the month.
The joint request to the Takeover Panel, which is anticipated to be granted, is prone to contain a shorter extension than the utmost 28 days allowed below Metropolis guidelines, reflecting the businesses’ confidence {that a} deal shall be agreed.
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Wooden and Sidara are aiming to get a binding transaction agreed by 30 June, when a waiver of Wooden’s lending covenants is because of expire, in line with trade insiders.
A public assertion is prone to be made on Thursday.
Sidara tabled a 35p-a-share supply 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 price about £1.5bn, after which Wooden’s shares collapsed within the wake of revelations about its previous monetary outcomes and company governance.
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 World Administration, the non-public fairness agency.
A spokesman for Wooden declined to remark.
