Petroleum Africa
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Tuesday, March 14, 2017
The boards of Amec Foster Wheeler and Wood Group have reached agreement on the terms of a recommended all-share offer by Wood Group to acquire the entire issued and to be issued share capital of Amec Foster Wheeler.
Under the terms of the combination, each Amec Foster Wheeler Shareholder will receive 0.75 new Wood Group shares, based on the closing price of £7.52 per Wood Group Share on March 10. The terms of the combination represent a value of £5.64 per Amec Foster Wheeler Share; and a premium of approximately 28% to the prior 30-day trading volume weighted average price of £4.53 per Amec Foster Wheeler Share.
Based on the closing price of £7.52 per Wood Group Share on March 10 the terms of the combination value the issued and to be issued share capital of Amec Foster Wheeler at approximately £2.225 billion.
The combination will result in Amec Foster Wheeler shareholders owning approximately 44% of the share capital of the combined group.
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