Leading UK energy services company Wood Group’s share price plummeted dramatically on Monday following its announcement that a takeover offer by Apollo Management Holdings will not proceed.

The share price dropped about 36% to about £1.40 ($1.74) from Friday’s close of £2.19.

Apollo had made several offers all rejected by Wood, the latest on 4 April for £2.40 per share.

However, on 17 April, Wood re-engaged with Apollo after receiving feedback from shareholders to see if a firm offer could be made on the same financial terms as the final proposal from 4 April.