Press release

Further statement re: speculation

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On 22 February 2023, the Board of Wood announced it had unanimously rejected three unsolicited, preliminary and conditional proposals 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 (the “Proposals”).

On 6 March 2023, Apollo submitted a fourth proposal for a cash offer (the “Latest Proposal”) to the Board, which values Wood shares at 237 pence per share. The Board believes this Latest Proposal continues to undervalue the Group and is therefore minded to reject. The Board will continue to engage with its shareholders and intends to engage further, on a limited basis, with Apollo.

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

Any offer for Wood is governed by the Code. Under Rule 2.6(a) of the Code, Apollo must, by not later than 5.00 p.m. on 22 March 2023, either announce a firm intention to make an offer for Wood in accordance with Rule 2.7 of the Code or 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. This deadline can be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

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

This announcement has been made without the consent of Apollo.

- Ends –

For further information:


Simon McGough, President, Investor Relations                                                    07850 978 741

J.P. Morgan Cazenove (Joint Financial Adviser and Corporate Broker)           020 7742 4000

Richard Perelman James Robinson Charles Oakes

Morgan Stanley (Joint Financial Adviser and Corporate Broker)                     020 7425 8000

Tom Perry                                                                                
Matthew Jarman

FTI Consulting (PR Adviser)                                                                             020 3727 1340

Alex Le May

Nick Hasell

Ariadna Peretz