(Bloomberg) -- Sidara, the family-owned engineering company formerly called Dar Group, is exploring a potential acquisition of London-listed John Wood Group Plc, according to people familiar with the matter.

Sidara has been studying a possible deal for Wood as the Scottish firm’s stock price continues to decline, said the people, asking not to be identified because the information is private. The shares jumped as much as 22% in London trading.

Before today, Wood shares had fallen about 25% over the past 12 months, giving the company a market value of about £1.1 billion ($1.4 billion). Deliberations are in the early stages, and there’s no certainty they will result in a transaction, the people said.

Representatives for Sidara and Wood declined to comment. 

The interest comes about a year after Apollo Global Management Inc. walked away from a possible takeover of Wood. The company had rejected multiple offers from Apollo before granting the buyout firm access to due diligence materials following a final £1.66 billion bid last April. 

Last month, Wood investor Sparta Capital Management Ltd. urged Wood in a letter to undertake a strategic review and “actively seek alternative solutions” including a possible sale.

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

Sidara’s portfolio of businesses includes architecture firm Perkins&Will, project manager Currie & Brown, energy infrastructure designer Penspen, structural engineering services provider Maffeis and building consultancy Introba. 

Last month, Sidara sold an interest of about 19% in Australian infrastructure construction firm Worley Ltd. via a block trade.

--With assistance from Laura Hurst.

(Updates with share-price move, Sidara response.)

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