US firm Apollo Management said it would not make an offer for Wood Group just two days before the deal’s May 17 deadline.

Apollo had submitted five bid proposals, the fifth for 240p a share in cash, valuing Wood Group at around £1.66bn.

Wood Group, which only decided to enter talks with Apollo last month after rejecting the first four approaches, said its board “remains confident in Wood’s strategic direction and long-term prospects.”

It said: “After a transformative year in 2022, including new executive leadership and a new strategy, Wood is well positioned to deliver substantial shareholder value.”

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Wood added: “The board is grateful for the substantial commitment from its shareholders and the support of its customers and employees throughout this process.

“The management team expects to continue to deliver on the strategy established in November 2022.”

Wood provides consulting, asset management and engineering services to the energy and materials industry.

It employs around 35,000 people and was founded by Ian Wood in 1982 when he was spun off from JW Holdings, Scotland’s largest fishing company.

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