Wood Group holds out despite fourth US takeover bid

Scottish engineering firm Wood Group has dismissed a sweetened £1.6bn takeover bid from private equity firm Apollo Global Management as too low.

The consultancy has now been offered 237p per share by the New York private equity giant, a deal which threatens to continue the exodus of Uk-listed companies to the US.

Yet the latest proposal “continues to undervalue the group”, the Aberdeenbased company said. Its share price jumped nearly 13pc yesterday.

It comes after Wood Group revealed last month that it had considered and rejected three offers from Apollo.

The board will continue to engage with its shareholders and intends to engage further, on a limited basis, with Apollo.