(Bloomberg) -- Engineering company Sidara submitted a fourth and final proposal to John Wood Group Plc regarding a possible cash offer for the Scottish firm.

The 230-pence-a-share approach represents a premium of 52% to Wood’s closing price a month ago, before Sidara first put forward a potential bid, according to a statement Wednesday. Wood said separately it’s evaluating the proposal.

Sidara’s pursuit follows a decline in the target’s stock — down almost 30% in two years — and comes after Apollo Global Management Inc. abandoned a possible takeover of Wood in mid-2023. Under the UK’s takeover code, Sidara has until June 5 to either announce a firm intention to make an offer or walk away.

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

Read More: Wood Group Rejects £1.4 Billion Takeover Offer From Sidara

Wood offers services to energy businesses, including engineering support, consultation and management of assets. Its shares traded at 179.5 pence as of 3:11 p.m. in London.

Founded in Beirut in 1956 as Dar Al-Handasah, family-owned Sidara is a global design and engineering firm with more than 300 offices in 60 countries, according to its website. It posted revenue of $2.8 billion last year.

(Updates with Wood statement in second paragraph.)

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