The latest offer of 220p per share, valuing Wood at £1.52bn, 3.8% higher than Sidara’s last offer, was again deemed to “significantly undervalue” the company and its prospects by Wood’s board.

A statement from the Wood board said: “The board, together with its financial advisers, carefully considered the third proposal, in particular, in the context of the board’s view of the fundamental prospects of Wood, and concluded that it continued to significantly undervalue the group and its prospects. Accordingly, the board unanimously rejected the third proposal on 23 May 2024.

“There can be no certainty either that an offer will be made or as to the terms on which any offer might be made. Further announcements will be made as appropriate.”

Sidara now has until 5pm on 5 June to formalise its intentions for another offer or walk away.