The board of Wood has responded to recent speculation and confirmed that it has received three unsolicited, preliminary and conditional acquisition proposals from Apollo Global Management.
The most recent approach was received on 26 January and proposed a cash offer to acquire the entire issued and to be issued ordinary share capital of Wood at a price of 230 pence per share - valuing the business at around £1.6bn.
"The board carefully considered each of the proposals, together with its financial advisers, and has engaged on a limited basis with Apollo," read a stock exchange update.
However, it unanimously rejected each of them, having concluded that they each significantly undervalued the repositioned group's prospects.
Under the UK's takeover code, Apollo must, by not later than 22 March, either announce a firm intention to make an offer for Wood or announce that it does not intend to make an offer.
Apollo is a New-York based private equity firm, in the news most recently for acquiring Miller Homes and making a bid for Morrisons.
The Aberdeen-headquartered consulting and engineering group provides solutions in more than 60 countries, employing over 35,000 people.
Wood's most recent trading update reported revenue rising by 3% to around $5.4bn, including an adverse impact of around $275m from foreign exchange rate movements.
Adjusted earnings before tax came in at between $375m to $385m, at a margin of around 7.1%, reflecting the impact from exiting work in Russia.
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