Wood Group shares have plunged by almost 40laptop after US personal fairness investor Apollo Management mentioned it will not be making a proposal for the Aberdeen-based firm simply two days earlier than the May 17 deal deadline to make a agency bid or stroll away.
Apollo had put ahead 5 bid proposals, with the fifth for 240p a share in money, valuing Wood Group at round £1.7bn.
Wood Group rejected the primary 4 approaches, saying they undervalued the group, however lastly introduced final month it had determined to have interaction in talks with Apollo after the fifth proposal, having consulted with shareholders.
Wood Group has round 35,000 workers, largely specialising in engineering and consultancy for the power, minerals, chemical compounds and life sciences sectors.
It offloaded its environmental consulting division final yr in a transfer to cut back its debt by extra than $1bn (£805m).
The firm appointed a brand new chief govt – Ken Gilmartin – final summer season, who has been main a method overhaul on the agency.
It has been left with a hefty debt pile since taking on rival Amec Foster Wheeler for £2.2bn in 2017, which additionally noticed it face legacy lawsuits, together with a $115m (£92.6m) settlement made final yr for a damages declare filed in 2016.
