(Reuters) – John Wood Group said on Tuesday it was considering rejecting the latest buyout proposal from private-equity firm Apollo Global Management Inc, citing that the offer undervalued the British oilfield services and engineering company.
The proposal by Apollo on March 6 was a cash offer valuing the company at 237 pence per share, or 1.64 billion pounds ($1.98 billion), Wood said.
Wood had rejected three preliminary buyout proposals from the New York-based company.
“The board will continue to engage with its shareholders and intends to engage further, on a limited basis, with Apollo,” Wood said in a statement.
Apollo must announce a firm intention under the takeover code to make an offer for the company by March 22 or walk away, the British firm said.
($1 = 0.8294 pounds)
(This story has been corrected to say Wood Group is is considering rejecting Apollo’s proposal, not rejected, in the headline and in paragraph 1)
(Reporting by Muhammed Husain in Bengaluru; Editing by Sherry Jacob-Phillips)
