One of the largest Scotland companies – Wood Group engineering giant – has received a buy -back approach of 242 million pounds sterling.
Wood, whose head office, said that Sidara, engineering and advice based in Dubai, had made the offer.
Wood’s board of directors said they would be “in mind to recommend” the agreement.
The company was born from the northern sea oil boom to become a world engineer entrepreneur, operating in dozens of countries, with tens of thousands of workers.
The new agreement proposed comes almost a year after discussions on a previous approach to the takeover of Aidara collapsed.
The value of Wood has since fallen.
In February, Wood confirmed that he had restarted the buyout talks with the water based organization, before extending the discussions last month.
On Monday, the company said: “The Board of Wood is currently considering that the possible offer is the best option for shareholders, creditors and other Wood stakeholders.
“The Wood board of directors told Sidara that, if an offer is made on the terms stated, it would be deemed to recommend the offer to Wood shareholders, subject to the agreement of complete terms and conditions.”
In 2012, Sir Ian Wood announced that he was retiring from his role as president of Wood Group.
The well -known businessman has been president of the company since 1982.
Sir Ian said at the time: “I had the chance to participate in the very successful and exciting growth in the United Kingdom’s oil and gas industry over the past 45 years and has seen the Wood group become a prosperous global player.
“I will miss Wood Group, but I’m going to have the satisfaction of knowing that it is in very good hands and I can’t wait to succeed in the group’s success.”
