This comes just a week after dismissing Sidara’s initial bid. Yesterday, Sidara revised its original offer of over £1.4 billion, increasing it by approximately 3% to 212p per share.

Despite this adjustment, Wood Group’s board unanimously turned down the bid, saying it “concluded that it continued to fundamentally undervalue Wood and its future prospects”.

The aftermath of the first rejection saw a surge in Wood Group’s stock price, climbing by 29% throughout the week. However, today’s announcement of the second rejection had adverse effects on the market perception, causing Wood Group’s shares to plummet by 6% within minutes.

Pressure on Wood Group to consider alternative strategies has intensified when Sparta Capital Management, one of its major shareholders, advocated for exploring options such as a US listing or a sale. This recommendation came after a series of takeover bids from Apollo last year, culminating in a final offer of £1.7bn (240p per share), which the US private equity firm eventually withdrew in April.

Under the UK takeover code, Sidara still has until 5pm on 5 June to either announce a firm intention to make an offer for Wood Group or withdraw its interest entirely.