Aug 28 (Reuters) - Wood Group said on Thursday

the UK takeover panel has extended the deadline for a takeover

bid by Dubai-based Sidara to August 29.

Earlier this week, Sidara lowered its proposal for the

oilfield services and engineering firm following a probe into

Wood Group's operation by the UK's Financial Conduct Authority.

Wood has been fielding buyout offers since February 2023

when U.S.-based private equity firm Apollo Global Management ( APO )

put forth its interest to buy the firm.

Sidara, which reduced its offer to 30 pence per Wood

share from a prior offer of 35 pence has completed its due

diligence on Wood, the British company said.

The offers, which once valued Wood Group at about 1.59

billion pounds in 2023, have tumbled down to about 200 million

pounds, following a few turbulent year for the British company.

Troubles for the company were compounded after FCA

disclosed a probe into the company after it opened an

independent accounting review into some contracts and charges

last year.