Sidara has made a £1.59bn offer for John Wood Group, being the third and "final" offer that it will submit for the firm.

The latest offer values the British oilfield services and engineering firm at 230 pence a share, representing a 52% premium to its closing share price, before the first bid of £1.4bn.

In a statement, Sidara said that John Wood Group had not engaged with the firm since it had made its first approach, adding that it does not believe that the proposal can be progressed unless there is engagement.

Under the takeover code, the Dubai-based firm has until 5 June to make a formal offer or walk away.

According to Reuters, John Wood Group said that it was "evaluating the proposal".

Last year, the firm received multiple offers from US-based Apollo Global Management. However, the American firm went on to abandon its takeover plans.

After the first offer was placed, head of financial analysis at AJ Bell, Danni Hewson, said: "The fact the offer from Dubai-based Sidara ‘fundamentally undervalued’ the company and was summarily rejected will only pour more fuel on speculation that the business may not hang around London markets for long either.

"Activist investors have been pushing for change and the share price moves today suggest investors expect Sidara could sweeten the pot, or former suitor Apollo might take another look."

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