Wood Group has rejected a fourth proposed cash offer for the energy services company but will engage on a “limited basis” with its suitor Apollo Global Management.

The Aberdeen-based company revealed on 22 February that it had unanimously rejected three unsolicited, preliminary and conditional proposals from Apollo.

A fourth offer was received Monday, valuing Wood shares at 237 pence per share.

In a statement, Wood said: “The board believes this latest proposal continues to undervalue the group and is therefore minded to reject. The board will continue to engage with its shareholders and intends to engage further, on a limited basis, with Apollo.

“There can be no certainty either that an offer will be made nor as to the terms on which any offer might be made. Further announcements will be made as appropriate.”

Any offer for Wood is governed by the Takeover Code and therefore Apollo must declare its intentions by not later than 5pm on 22 March.

This announcement has been made without the consent of Apollo.