Wood Group’s shares soared 29% to over 199p following the announcement.

The latest proposed cash offer was for 230p per share, giving the company a valuation of approximately £1.5 billion. The Wood Group board, with its financial advisers, “carefully considered” each proposal and “unanimously rejected” them, deciding that they “significantly undervalued the repositioned group’s prospects.”

The firm confirmed the interest from Apollo in an update on Wednesday. The deadline for Apollo to either announce a firm intention to make an offer or confirm that it does not plan to bid is 5pm on March 22, with the potential for an extension with the approval of the panel under UK competition regulations.