The offer values Wood at 230p per share, totalling roughly £1.58bn. This is a 52% premium on Wood’s share price before Sidara’s initial bid but lower than last year’s failed offer by Apollo. Sidara has set a deadline of 5 June for Wood to engage or the bid will be withdrawn.

Wood’s board is currently evaluating the proposal. The share price has fluctuated in response, reflecting investor uncertainty. Wood, a major employer in Aberdeen, provides services to the oil and mining sector with a growing focus on sustainability.

Dan Coatsworth, investment analyst at AJ Bell, said: “As an engineer to the oil, gas and mining sectors, Wood Group is well versed in resource companies going through corporate change through takeovers, mergers and disposals. But it’s now on the receiving end of a bid which is also being drawn out.

“Sidara has now tabled its fourth and final offer for Wood Group at 230p per share.

“The first three bids were rejected and the market reaction to the final one doesn’t bode well – the shares slipped to 185p which implies this deal is also dead in the water. Wood Group hasn’t engaged in any discussions with Sidara since the first approach and that suggests it has no interest in being gobbled up.”