Private equity group Apollo has ruled out making a sixth bid for Wood Group after several months of pursuing a takeover of the business.
“Following an extended period of detailed engagement, the board notes the announcement by Apollo today that it does not intend to make an offer for Wood,” the FTSE 250 Scottish engineering services company said on Monday.
Apollo had made a fifth cash bid for the Wood Group of 240p per share on April 4. Wood’s board said the bid undervalued the group and rejected it.
The private equity group’s pursuit of Wood came at a time when the majority of FTSE 250 bosses believed UK-listed companies were vulnerable to foreign takeovers this year.