Dubai-based Sidara cut its takeover proposal for Wood Group (WG.L) by about 14% to 30 pence per share, the oilfield services provider said on Tuesday, after Britain's financial regulator launched a probe into its operations.
Wood Group said it will recommend the reduced bid, which values the firm at 207.6 million pounds ($280.45 million) per Reuters calculations - to its shareholders if a firm offer is tabled.
Sidara previously offered 35 pence a share for the British company.
It had earlier delayed the publication of its annual results due to a pending audit, leading to a temporary suspension of its shares.
Sidara said on Tuesday that it is committed to making an offer for the British firm once the remaining pre-conditions linked to Wood Group's debt are satisfied.
($1 = 0.7402 pounds)
