UK's Wood Group gets conditional bid from Sidara with $450 million cash injection

April 14 (Reuters) - Wood Group WG.L said on Monday that Dubai-based Sidara has made a conditional proposal for the British oilfield services and engineering firm, comprising 35 pence apiece and a possible cash injection of $450 million.

Wood Group resumed deal discussions in February after Sidara, which had previously withdrawn its acquisition plans last year due to rising geopolitical risks and financial market uncertainty, made multiple rejected approaches.

Sidara's latest offer, valuing Wood Group at about 242 million pounds, comes just ahead of the April 17 deadline for the Dubai-based engineering and consulting firm to make a formal bid.

The British company said it would be "minded to recommend" a firm offer on such terms to its shareholders, if made.

Following a turbulent few years — characterized by issues within its projects division, pressure from activist investors to pursue a sale, failed takeover attempts, and a recent strategic review — Wood Group had projected in February that it would face another year of negative cash flow.

Wood Group said on Monday that it was seeking an extension of its debt facilities, and that Sidara had made "significant progress" with its due diligence.

($1 = 0.7619 pounds)