The proposed $2bn (£1.6bn) dollar deal to buy Aberdeen-headquartered Wood Group has collapsed "in light of geopolitical risks and financial market uncertainty".
Dubai-based Dar Al-Handasah Consultants Shair and Partners Holdings Ltd, also known as Sidara, had been given a second extension to either make a firm offer or walkaway, opting to do the latter.
Shares in Wood plummeted after the news was reported on Monday, falling nearly 40% and wiping £450m off its value.
Shares closed at £1.97 on Friday, but dropped as low at £1.20 in light of the news on Monday morning, before settling at £1.28.
They opened on Tuesday morning up nearly 5% at £1.34.
Previous offers
Sidara's original offer for the firm was submitted on April 30, worth £2.05 a share.
It followed that up on May 14 with a bid worth £2.12 a share, and again 10 days later with a bid worth £2.20 a share, which Wood said "significantly undervalued" the group.
Sidara's fourth - and final - offer came on May 29 at £2.30 a share.
A deadline of July 5 was given to Sidara to either make a firm offer or walkaway, before it was extended until the end of the month and again into August.
Reporting to the markets on Monday, Wood confirmed deal had collapsed.
"The Board remains confident in Wood's strategic direction and fundamental prospects.
"As set out in the HY24 trading update on 11 July, the growth strategy continues to deliver, with further growth in EBITDA, margins and order book in the first half.
"As we look ahead, we remain focused on delivering our potential, including generating significant free cash flow next year. We are pleased to reconfirm our outlooks for both this year and 2025.
"The Board is grateful for the substantial engagement of its shareholders and the support of its clients and employees throughout this process. The management team looks forward to continuing to deliver against the strategy set out in November 2022."
A sigh of relief for Sidara?
As Wood's shares plummet, Dannie Hewson, AJ Bell's head of financial analysis, said it's due to "disappointment coupled with uncertainty" in response to Sidara withdrawing.
She added: “The Dubai company had been wooing John Wood for months, with three offers failing to win over the board of the Scottish company.
"But a couple of extensions later Sidara is walking away.
"The global outlook has shifted, market volatility has gripped investor sentiment and Sidara might well be breathing a sigh of relief that the lengthy courtship ended as it did, when it did.
"Companies are battening down the hatches as they consider the state of the world and prepare to ride out the potential storm."