Sidara raises buyout bid for UK's Wood Group for the third time

(Reuters) - Dubai-based engineering and consulting firm Sidara on Wednesday raised its offer for John Wood Group for the third time, saying that was the "final offer" for the British oilfield services and engineering firm.

The latest proposal for a cash offer of 230 pence apiece would value Wood Group at about 1.59 billion pounds ($2.03 billion), representing a premium of 52% to its closing share price before the first bid was made.

Wood, which has already rejected three buyout proposals from Sidara, did not immediately respond to a Reuters request for comment.

Wood has not engaged with Sidara since the first approach was made, Sidara said.

"Sidara does not believe that its proposal can be progressed unless the board of Wood engages with Sidara and an extension of the deadline is granted," it added.

Sidara has until June 5 to make a formal offer or walk way.

Shares in Wood Group were down 2.9% at 1326 GMT.

Last year, the Scotland-based firm rejected multiple offers from U.S.-based Apollo Global Management, forcing the private equity company to eventually abandon takeover plans.

($1 = 0.7846 pounds)

(Reporting by Prerna Bedi and Eva Mathews in Bengaluru; Editing by Shailesh Kuber)