Wood Group (john) Share Discussion Threads

[pogue] 17/3/2023 18:24

Where we are just now is Apollo are the only bidder there is if there was another bidder they have shown their hand by now and the market would have already factored that in the price so the price being where it is now shows no chance of a bidder.
Apollo may put a few more pennies on their bid as they would be stupid not to as the price they are offering is a steal if you have any idea of the size of the problem in O&G regards capacity going forward and how much work needs done to meet coming demand.
I am assuming they will because they cannot be that stupid to lose such a bargain for a piddling amount of money.
All in my opinion and just pure speculation if you have an alterative viewpoint please give your reasoning.

[hamhamham1] 17/3/2023 15:00

Would be nice if today's RNS flushed out another bidder, say a rival rather than a PE.
Would certainly hit 300p in that case.
Anyway, the red light had been switched and she is showing her wares in the window now ;)

[chutes01] 17/3/2023 14:33

anything less than 300p utter theft from LT holders
Gilmartin and his cronies weighed in with incentives.
Shareholders sold down the river

[wendsworth] 17/3/2023 14:18

Gargoyle2: I have little doubt that, in the event that Apollo' bid is unsuccessful, their diligent preparations will ensure that they do not suffer 'a large loss'. Whatever....my view now is that a bid from whomever will succeed. On that basis , rightly or wrongly (!), I've doubled my holding today. As ever...time will tell.

[gargoyle2] 17/3/2023 11:43

I don't know why you think Apollo has been buying. If their bid isnt accepted, then they will be in for a large loss, barring another bidder emerging. Not usually how PE houses operate imo.

[wendsworth] 17/3/2023 11:11

ACTION : I'm in agreement with the sentiments expressed by Boozey post 1130 refers. The tree shake this week will have enabled Apollo to strengthen their position through further acquisitions.

[action] 17/3/2023 10:47

Deal or no deal ? Anyone?

[brucethegoldfish] 17/3/2023 09:42

Ayl30 - I suspect the delay may possibly be due to key resource needing to support the issue of results being the same key resource working in data room for due diligence. I’ve been there!

[sundance13] 17/3/2023 09:25

Yep still think 250p max and to be honest after the last week or so on the markets I would take that happily!

[sspurt] 17/3/2023 09:15

Agree that it looks like WG management now engaging in the process. Not as optimistic as to take out level as some on here but think todays announcement raises the chance of a successful bid being concluded.

[hamhamham1] 17/3/2023 08:08

Yep, I hope for something like 280-300p.
Depends on how keen buyer is, but WG wording certainly says make a good offer and let's see.

[saltaire111] 17/3/2023 07:56

Looks like there’s a will to get a deal done.

[hamhamham1] 17/3/2023 07:42

Offer gotta be 250-260p at least???

Up 20% day again poss.

[hamhamham1] 17/3/2023 07:41

17 March 2023

Extension of PUSU deadline

John Wood Group PLC ("Wood" or the "Group")

On 7 March 2023, the Board of Wood announced that it had received a fourth unsolicited, preliminary and conditional proposal (the "Latest Proposal") from Apollo Global Management, Inc. ("Apollo"), regarding a possible cash offer to acquire the entire issued and to be issued ordinary share capital of Wood, that it believed the Latest Proposal continued to undervalue the Group and that it was therefore minded to reject.

Following engagement with shareholders and to allow for the scheduled release of Wood's FY22 results on 28 March 2023, in accordance with Rule 2.6(c) of the Code, the Board of Wood has requested and the Panel on Takeovers and Mergers (the "Takeover Panel") has consented to, an extension from the existing date of 22 March 2023 by which Apollo is required either to announce a firm intention to make an offer for Wood in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by not later than 5.00pm on 19 April 2023. This deadline can be further extended by the Board of Wood, with the consent of the Takeover Panel.

There can be no certainty either that an offer will be made nor as to the terms on which any offer might be made.

As announced on 12 January 2023, results for FY22 are in line with expectations.

The person responsible for arranging the release of this announcement on behalf of Wood is Martin McIntyre, Group General Counsel and Company Secretary.

[ayl30] 17/3/2023 07:39

So why the delay given that Wood have already confirmed their results and presumably the so called bidder will have been able to do due diligence?

[boozey] 17/3/2023 07:27

The wording of this morning's announcement is key. It seems like the largest shareholders want a deal to be done. On a balanced risk reward basis the 202p closing price last night now feels like a real bargain.

[brucethegoldfish] 17/3/2023 07:11

Gargoyle2 - I agree, especially in light of the announcement this morning for an approved extension by the Takeover Panel until 19 April for the Apollo discussions.

I’m hopeful though (although possibly more wishful thinking!) that a final deal could be done in the 270-280p range. I still think this undervalues Wood based on mid-term prospects, but could be viewed as fair at this stage for both sides.

[gargoyle2] 16/3/2023 17:51

I think (am hopeful that) Apollo still will bid. 237 won't be the final offer imo and the Board's use of the term 'minded to reject' was meant to suggest they weren't far off. A rounder number (245 or 250) should win it imo. Still a steal for Apollo at that price. All speculation obviously.

[ayl30] 16/3/2023 16:58

More worrying for holders that they might decide not to bid!

[dexdringle] 16/3/2023 16:47

Isn't it a bit embarrassing for the board that the market values their shares less than Apollo do ?

[chutes01] 16/3/2023 15:26

next leg up coming

[pogue] 15/3/2023 17:02

Watched Bank of Dave few weeks back I liked it bit sugary though on the love interest. Not sure its the way forward though the governments needs to raise money by issuing bonds and banks and others have to buy them for their capital reserves and what happens to low yield safe bonds when rates go up? They go down in value and take down the capital reserves in the bank that is why some of the American banks are suffering. Same has happened in the UK pension industry to poor sods with managed pensions they have been herded into bonds as a safe place as they near retirement age only to find their pots down by a large amount, 20% in the last year I have read, and they are forced to buy an annuity with a lot less than they expected and now face retirement with a lot less income. No solution to this mess central banks and compliant governments have got us into just got to await the end game to play out and see how we are going to get screwed.

[wendsworth] 15/3/2023 16:28

pogue:I thought that. Switching to the banking debacle have you seen 'Bank of Dave'?
Great film. Reckon that format could eventually be the remedy?!

[pogue] 15/3/2023 16:13

Anything in oil is getting whacked. Look at the small oilers some bargains going there for the brave.

[wendsworth] 15/3/2023 16:07

pogue : FTSE down another 240 i.e. some 3.2%. WG down 4.45%. Is the latter a reflection of the former? I note HBR is currently down 9.5% , Shell down 7.2% and BP down 6.8%.