Further to the announcements made by Apollo and John Wood Group (LON:WG.) regarding a possible offer for Wood by Apollo, Apollo Management Holdings confirms, on behalf of certain investment funds managed by it, that it does not intend to make an offer for Wood.
John Wood Group Response to Apollo no intention to bid statement
The Board remains confident in Wood’s strategic direction and long-term prospects and believes that, following a transformative year in 2022, including new executive leadership and a new strategy, Wood is well placed to deliver substantial value for shareholders.
Our medium-term targets set out in November 2022 are to deliver adjusted EBITDA growth at mid to high single digit CAGR, with momentum building over time, and to return to positive free cash flow in 2024.
Furthermore, as set out in the Q1 trading update on 11 May 2023, there is good momentum across all business units which has continued since the end of Q1, with expectations for the full year unchanged.
The Board is grateful for the substantial engagement of its shareholders and the support of its customers and employees throughout this process. The management team looks forward to continuing to deliver against the strategy set out in November 2022.
John Wood Group is a global leader in consulting and engineering, delivering solutions to critical challenges in energy and materials markets. We provide consulting, projects, and operations solutions in more than 60 countries, employing over 35,000 people.
