Deals
Broadspectrum Rejects Ferrovial's A$715 Million Takeover
- Ferrovial had offered A$1.35 a share in cash last month
- Broadspectrum says stock valued at A$1.71 to A$1.98 apiece
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Broadspectrum Ltd. rejected a hostile A$715 million ($494 million) bid from Spain’s Ferrovial SA, saying the offer significantly undervalues the Australian services provider.
Ferrovial offered A$1.35 a share in cash directly to Broadspectrum shareholders on Dec. 7, a 59 percent premium to the previous close. In a filing to shareholders Thursday, Broadspectrum said its own independent expert had valued the shares at between A$1.71 and A$1.98 each.