Wood Group (john) Share Discussion Threads

[sundance13] 09/3/2023 14:28

Somethings going on I reckon, 2 suspicious spikes now!

[hamhamham1] 09/3/2023 14:27

225p.... Nice :)

[chutes01] 09/3/2023 13:22

next leg up coming
LT holders being sold down the river here, Management weighed in for a cheap deal
Retention bonuses to sell deal
£8 - £1 abject incompetence, now being rewarded at the expense of shareholders.
Take £3 and write it off as a bad experience.

[brucethegoldfish] 09/3/2023 13:02

I’ve now taken 1/3rd of my holding off the table built from the 130-140p range.

Prepared to wait it out though for the remaining 2/3rds, bid or no further bids as still see huge potential upside in value here over the mid-term.

[hamhamham1] 09/3/2023 12:56

Maybe more takeover rumours caused it?

[hamhamham1] 09/3/2023 12:50

Nice little spike up ;)

[iconista] 09/3/2023 08:37

With this company, I've been guided by the shorts. Currently none above 0.5% for the first time in 7 years.

[boozey] 08/3/2023 12:28

Taking a purely short-term view, the equation for PIs is simple: Likely top-end agreed takeout price: 250p. Risk downside if negotiations collapse 160p. That represents around 35p upside versus 55p downside assuming a current price of 215p. I have split my risk taking 50% off the table, and will chance my luck with the other 50%. Given we have had 4 bids I think a positive outcome is more likely than not - especially given that Wood Group is engaging with Apollo albeit on ''a limited basis''

[gargoyle2] 08/3/2023 12:20

So speculation then. That makes more sense. I read it as you knowing they were doing that.

[wendsworth] 08/3/2023 12:12

Gargoyle2:The short answer is you can't! As you'll be aware every transaction in the market is COMPLETELY TRANSPARENT !! I suppose the question I would put to you is , 'What would you do?'. Cayman, Isle of Man, Jersey , Singapore, British Virgin Islands,Honk Kong, Switzerland, Bermuda, Luxenmbourg, The Netherlans , United Arab Emirates and OUT !!!!!

[gargoyle2] 08/3/2023 09:03

wendsworth, how can you tell that Apollo is buying? Have I missed an RNS? Or is that just speculation?

[wendsworth] 08/3/2023 08:48

ashkv: The drip drip approach is extremely cunning. Whatever the outcome Apollo has been , and is continuing, to hoover up weak holdings through various 'vehicles' and thus guaranteed a substantial profit. The Finals will be pivotal. If a Special Dividend is declared then its game on!

[ashkv] 08/3/2023 07:02

Apollo’s fourth takeover offer ‘continues to undervalue’ Wood Group
Scottish company says board is ‘minded to reject’ US private equity group’s latest proposal

Ivan Levingston and Maxine Kelly in London YESTERDAY

Wood Group said it was “minded to reject” a fourth cash offer from Apollo Global after the energy services business previously spurned three bids from the US private equity group.

The sweetened offer would value the FTSE 250-listed company at 237p a share or roughly £2bn, a 3 per cent increase from its previous proposal of 230p a share.

“The board believes this latest proposal continues to undervalue the group and is therefore minded to reject [it],” Wood Group said in a statement on Tuesday.

The takeover attempts come as the Aberdeen-based company faces pressure from an activist shareholder to boost its share price.

Sparta Capital, founded in 2021 by former Elliott Management portfolio manager Franck Tuil, has called on Wood Group to buy back its stock to lift its valuation. The investment company has warned that Wood Group’s “significant undervaluation” makes it vulnerable to a takeover.

Apollo’s previous bid on January 26 offered 230p per share, a 55 per cent premium compared with Wood’s share price at the time and equivalent to approximately £1.9bn, taking net debt into account.

Wood Group shares gained more than 14 per cent to trade at about 222p per share during Tuesday morning trading in London.

The company’s “board will continue to engage with its shareholders and intends to engage further, on a limited basis, with Apollo”.

A representative for Apollo declined to comment.

The Scottish company provides consultation, management of assets and engineering services for the energy and materials sector, and recently expanded into clean energy projects such as wind farms. Its revenues last year rose about 8 per cent to $5.4bn.

Apollo is pursuing Wood Group at a time when the majority of FTSE 250 bosses believe UK-listed companies are vulnerable to foreign takeovers this year, amid growing expectations that mergers and acquisitions activity will pick up as economic conditions improve.

Another US fund, Providence Equity, has made a takeover approach for the London-listed exhibition company Hyve, a move that some top shareholders have called “opportunistic”.

Under the UK’s takeover regulations, Apollo has until March 22 to announce its firm intention to make an offer for Wood or walk away.

[sundance13] 08/3/2023 06:58

One final offer will do it I reckon, think 250p or thereabouts also, which would still be a bargain buy for them,

[ayl30] 07/3/2023 23:07

New £1.6bn offer from Apollo Global Management 'still undervalues' Wood Grouphttps://www.thetimes.co.uk/article/1867e080-bcd2-11ed-b039-425ba6c60d6d?shareToken=ed957712f342c0e78f16e72c18465d18

[wendsworth] 07/3/2023 21:44

This is not the 'Final Offer. Apollo are aiming to take the company out for 250p a share. Methinks a 'White Knight'approacheth.

[chutes01] 07/3/2023 13:59

I think you'll find I am playing all the right notes, just not necessarily in the right order : )

[husbod] 07/3/2023 13:26

Nice one Unfortunately I bought mine some time ago so still well underwater.To misquote the late great Eric Morecombe I buy all the right shares but not necessarily at the right time.

[lawson27] 07/3/2023 12:40

Taken all mine off the table from 1.40, very happy :-), moved onto AWE, good luck guys

[gargoyle2] 07/3/2023 11:28

I don't think another bidder would have necessarily appeared by now, with the Apollo bid still uncertain. Better to wait and see how far Apollo get pushed imo. The 'minded to reject' does suggest that it's not a slam dunk rejection, so may entice other bidders into the fray at this point imo.

[1byrne] 07/3/2023 09:53

There is a limit to the how many offers Apollo will be prepared to make now.

I can see a last and final offer of 245.00 next.

[edmondj] 07/3/2023 09:37

Yes it will be a good test of so-called "market efficiency" in takeover situations.

[pogue] 07/3/2023 09:36

Market seems to think this offer will be accepted. Complete steal if it is. I dont see another bidder on the horizon though as they would have appeared by now.

[edmondj] 07/3/2023 09:30

Wow, a 15% jump in market price despite only a 3% improvement in the "possible" cash offer - 237p suggesting Apollo has a pretty precise idea as to what works.

Tricky to judge versus whatever the key institutions may have said to Apollo's advisers, as to what they are prepared to accept.

My expectation - if Apollo was serious on achieving control - was a killing area well North of 250p, nearer 400p, so if they are determined to faff about for pennies around the third 'possible offer' of 230p then a retreat similar as their lurch towards Pearson, seems likely.

I am surprised the market interpreted today's news so positively but time will tell. I don't necessarily see "still minded" to reject as implying a less-than unanimous board or Apollo near to what could be recommended. A board has a fiduciary duty to consider approaches seriously.