Press release

Response to Apollo no intention to bid statement

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On 4 April 2023, Apollo Management Holdings, L.P. (“Apollo”), on behalf of certain investment funds managed by it, announced that it had submitted to the Board of Wood a fifth proposal to acquire the entire issued and to be issued ordinary share capital of Wood at a final price of 240p per share in cash (the “Final Proposal”). The Board remains confident in Wood’s strategic direction and long term prospects; however, having weighed all relevant factors, particularly feedback received from Wood shareholders, the Board announced on 17 April 2023 that it had decided to engage with Apollo to see if a firm offer could be made on the same financial terms as the Final Proposal and, accordingly, granted Apollo access to due diligence materials.

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. As a result, Apollo is bound by the restrictions set out in Rule 2.8 of the City Code on Takeovers and Mergers (the “Code”).

The Board remains confident in Wood’s strategic direction and long-term prospects and believes that, following a transformative year in 2022, including new executive leadership and a new strategy, Wood is well placed to deliver substantial value for shareholders.

Our medium-term targets set out in November 2022 are to deliver adjusted EBITDA growth at mid to high single digit CAGR, with momentum building over time, and to return to positive free cash flow in 2024.

Furthermore, as set out in the Q1 trading update on 11 May 2023, there is good momentum across all business units which has continued since the end of Q1, with expectations for the full year unchanged.

The Board is grateful for the substantial engagement of its shareholders and the support of its customers and employees throughout this process. The management team looks forward to continuing to deliver against the strategy set out in November 2022.

For further information:


Simon McGough, President, Investor Relations | 07850 978 741

FTI Consulting (PR Adviser) | 020 3727 1340

Alex Le May

Nick Hasell

Ariadna Peretz