The final proposal, made in April, was valued at 240p per share, a 59% premium, making the total value of the deal approximately £1.7 billion.

Following feedback from shareholders, Wood Group’s board had agreed to engage with Apollo, granting it access to due diligence materials. However, following an extended period of engagement and review, Apollo announced it does not intend to make an offer.

This decision is regulated by Rule 2.8 of the City Code on Takeovers and Mergers, which now restricts Apollo’s ability to make future offers.

Despite the setback, Wood Group remains optimistic about the company’s strategic direction and long-term prospects. The board maintains its confidence in the firm’s future performance, buoyed by its transformative year in 2022, which included new executive leadership and the implementation of a fresh strategy.

The company’s medium-term targets, as set in November 2022, are to deliver adjusted EBITDA growth at mid to high single-digit compound annual growth rate (CAGR) and to return to positive free cash flow by 2024.