Broadspectrum rejects Ferrovial's bid
Broadspectrum's investors have backed the board's decision to reject Ferrovial's takeover offer to acquire the company.
This decision comes after Ernst & Young Transaction Advisory Services, which was hired by Broadspectrum's board to review the deal, reported that the firm's shares had a value between A$1.71 and A$1.98 per share.
In December 2015, Ferrovial submitted a takeover offer to acquire Broadspectrum for A$1.35 per share, which implied an investment of A$715 million (US$491 million).
The offer was 65¢ lower than the A$2 a share Ferrovial previously offered to Broadspectrum's board in December 2014, valuing the Australian group at A$1 billion.
Broadspectrum achieved in its financial year 2015 (ending in June) revenues of A$3,800 million and EBITDA of A$265 million. The company currently employs more than 25,000 people.
Broadspectrum is an Australian publicly listed corporation providing operations and maintenance, asset management, project and capital management outsourcing and infrastructure development services to the resources and industrial, infrastructure services and property and facilities management sectors. The company operates in Australia and New Zealand, Canada, the United States, Chile, Brunei, New Caledonia, and The Philippines.
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